Integration, Integrity and Business Intelligence: Your Initial Steps for Regulatory Compliance in Financial Services

Jon M. Deutsch's picture
 By | April 05, 2012
April 05, 2012

Caught in the middle of a crisis, the financial industry is under increasing pressure to comply with new, demanding regulations. While the process of regulatory reform may be currently moving faster in Europe than it is in North America, it is driving worry and budgets globally – clocking 10% compound annual growth rate (CAGR) in technology products and services.

Under these new regulatory requirements, financial institutions must demonstrate stability and liquidity, including their ability to accurately report and quickly analyze enterprise-wide financial positions. Adhering to these requirements is an extreme challenge as most institutions have their information stored in data silos -- products, accounts and transactions -- across multiple back-office systems. Thankfully, there are a variety of Business Intelligence (BI), Integration and Integrity technologies to help these financial institutions harness and cleanse their information within an integrated file system, allowing it to be easily reported and analyzed. In addition, these tools can provide management insight into risk, streamlining organizational workflows, and discovering new opportunities for growth.

While many companies must scramble to conform to these regulatory mandates, Alpha Bank, the second largest bank in Greece, can be confident that its procedures meet new government and central bank standards.

Over the past four years, Alpha Bank has used Information Builders’ WebFocus and iWay platforms to make smarter decisions at all operational levels. By utilizing these technologies, Alpha Bank has been able to streamline everything from data acquisition, integration and integrity (data collection, quality and movement) to information delivery (including reporting, analysis and distribution). While the Greek banking system continues to undergo extreme stress, Alpha Bank has remained strong, meeting the financial information needs of regulators in ways that other institutions can’t.

For the foreseeable future, this issue is likely to remain the first or second pain point on the executive agenda in banking, capital markets and insurance.  Anticipating financial regulatory reform, and implementing Integration, Integrity and BI technologies will greatly aid financial institutions in meeting the expectations of these impending mandates.  Alpha Bank is proof.