Creating a single view of each client’s activity
It is vital that data from across the organization can be brought together into one analytics viewpoint, with one shared data model.
The first step is standardizing the format in which data is stored within the organization. However, for analytics to be truly effective, it is also vital to get a holistic view of all data on each client and the market at the same time. This allows the data analytics technology to analyze the bank’s fixed income business as a whole and identify the patterns which lie within the data.
Doing so does not necessarily require building a new data warehouse and migrating existing data stores. Such an approach is time consuming and costly for IT teams which are already stretched. In addition, it increases the likelihood of data duplication and significantly increases the risks to the fixed income department’s data security by creating one storage point with a huge amount of highly valuable and confidential data.
Instead, the bank can look to pull data together from across the various databases within the fixed income department and analyse it “in memory,” or by utilizing cloud technology. This negates the need for separate storage infrastructure and speeds up the analytics process. Crucially, such an approach is also highly secure and approved for use by regulated financial institutions.
Provided that the data is stored in a standardized format, this “in memory” approach creates a data feed which offers a holistic and real-time view of the fixed income desk activity. Accessible via an API, the data now can be used to power the analytics technology which will derive the intelligence the desks need to better understand its business. It can also be pulled out into a downloadable report to automate back-office reporting tasks and speed up compliance.