How Disruptive Technology is Changing the Game in Financial Crimes Compliance
In my previous blog post, we discussed the risks and limitations of current information management practices with respect to compliance reporting, as revealed by the findings from a recent benchmark study conducted by FIMA in partnership with Paxata.
Today I’d like to talk about disruptive technologies that enables financial institutions (FIs) to overcome these limitations.
A full two-third (67%) of respondents allocate a substantial portion (up to 11%) of their total IT budget towards compliance and regulatory reporting and analytics, but only 9% are “very confident” that they have the proper technology in place to handle the tremendous data volumes common to the financial services industry.
This is not surprising, given that nearly all (94%) are still using Excel which, as noted in an earlier blog post, is inadequate for large-scale enterprise projects that comprise enormous data sets and necessitate collaboration between groups.
The emergence of new, disruptive technology such as self-service data preparation solutions built on a scalable cloud platform, enables business users to easily and quickly gain access to data and drive compliance reporting across high volume data sets, in a collaborative environment with IT.
FIs are not only taking notice, they are taking action.
82% of FIs have self-service analytics in their organizations: 39% as their corporate standard or in large pockets of the company, and 43% in a medium capacity.
Moreover, 68% are moving their data projects to the cloud, and 82% are considering hybrid-cloud or multi-cloud integrations within the next year.
Paxata enables self-service data preparation on large data volumes for both business and IT to work and collaborate, and provides an elegant solution for developing an information inspired business culture that transforms the wealth of raw data coming into financial firms to a set of actionable information that deliver business value.