Financial services operates under constant pressure from regulators protecting the integrity of the global financial ecosystem. Institutions are often required to provide regulatory compliance updates at a variety of intervals, whether daily, yearly, or on demand. This is no simple task.
The data sources required often include trade data from trading systems, reference data, news feeds, social media, legal documentation, and many others. To process this data and remain compliant, financial services needs applications and processing power that can handle enormous data inflow and outflow from many disparate sources.
Traditional relational databases are no longer capable of handling the necessary requirements. NoSQL* databases like MarkLogic Enterprise NoSQL provide effective data management, optimized by Intel® technology. This gives financial institutions the ability to ingest new data sources and correlate them with existing data to provide deeper levels of insight for regulators.
Financial institutions see enormous amounts of data coming in and produce high volumes going out. From data about the execution of trades to reference and counterparty data, the tide shows no signs of ebbing. More data requires better storage and management solutions. Intel hardware and technology and Intel-optimized applications can provide the tools to take the reins from data management woes.
(note: Infographic is based on Intel internal analysis.)
Legacy mainframe systems are not as agile as they once were. According to a report from the United States Office of Personnel Management, the cost of maintenance is going to rise 10–15 percent annually for these systems. Embracing new types of databases and the cloud will make information more useful and accessible in real-time at lower costs.
Global regulatory pressure is an ever-present hurdle for the financial services industry. The industry faces various requirements, restrictions, and guidelines by both private and public regulators. Management of reporting requires constant and detailed data analysis and access. Intel powered solutions provide both the speed and flexibility to keep up with all manner of reporting using holistic solutions.
With platforms like the Intel-optimized MarkLogic Enterprise NoSQL database, financial services can collect and ingest data with ease. Regulatory reporting gets a lot easier with a report repository that stores generated reports for back-referencing, while providing more flexibility and extensibility in a single package.