This week, we headed to New York City for a Wall Street Technology Association (WSTA) event focused on Harnessing Wall Street Data.
The event began with a presentation from Mary Knox, Research Director, Banking and Investment Services, Gartner Industry Advisory Services. Mary spoke about how traditional data strategies were centered on the creation of a single version of the truth, data centralization and decentralization, and control-oriented governance of data. She talked about how the need for a hybrid approach to data architecture and data sourcing that spans internal and external environments. The hybrid approach to data management looks at characteristics of the data and data use cases.
Later in the day, Kevin Petrie of Attunity, talked to the audience about how today’s financial services organizations understand the potential of Big Data Analytics to drive innovation with top line and bottom line benefits. Kevin went on to explain that the logistics of data management often interfere with analytics - thanks to competing platforms, manual coding for data moves, duplicate copies, and inefficient test procedures. He went on to explain how with the recent acquisition of Appfluent, Attunity now offers the industry’s first product suite that analyzes Big Data usage patterns, and then moves large data volumes across RDBMS, the cloud, data warehouses, and Hadoop platforms.
Following Kevin, Mark Ledbetter, VP of Industry Solutions at Hortonworks (one of our technology partners), spoke with us about how data is a corporate asset that’s necessary for financial services firms to succeed. He talked about how with regulations like Basel III and BCBS-239, new approaches are needed to address risk and compliance requirements. Apache Open Source Hadoop is one approach that can drive response to changing compliance needs.
The seminar concluded with a presentation by Jeffrey McMillan, Managing Director, Investment Products and Services at Morgan Stanley Wealth Management. Jeffrey described how Morgan Stanley has harnessed the explosion of recent technology advances, leveraging data and analytics to help advisors deliver the best ideas for their client needs.
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