Andrew Lucas Jinfo for Banking & Finance
Jinfo Blog

Tuesday, 24th May 2016

By Andrew Lucas

Abstract

Optimising the efficiency of information departments within banking and finance is important given the crucial role played by data and other content in the operation of these businesses. The focus by Jinfo on assessing and developing the skills within information teams and on the ways in which IS and IT can work more effectively together provides vital reading for information managers in banking and finance who want to enhance the efficiency of their operation.

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Data and business information is the lifeblood of banking and finance; it forms the basis of decision making for trading and investment.

According to Burton-Taylor International Consulting, the global spend on market data/analysis in 2015 was USD 26.63 billion, up 1.17% from 2014.

With this level of expenditure by market participants it is clearly vitally important that all those involved in managing information within these organisations are optimising their structures, operational efficiency and staff skills to ensure they are providing the best possible service outcomes.


Maximise Efficiency

Since we last reviewed areas of interest for information professionals in banking and finance, Jinfo has focused on two areas that can help ensure that information departments are working at peak efficiency:

  1. Assessing and developing the skills within information teams
  2. How technology and information groups can work more effectively together.

Jinfo has developed a framework that can be used to break down exactly what skills an information team has across the three key areas of Sources, Technology and Value.


Look to the Future

In developing these skills for the future there are three layers of analysis which can be adopted:

  • Current Inventory
  • And (based on US secretary of defence Donald Rumsfeld's famous, or infamous, remarks) "Known Unknowns"
  • And "Great Unknowns".

Planning for unknowns is an important future information strategy. For example, areas such as data analytics are increasing in importance for organisations. Information professionals need to consider how they can harness their unique expertise to help the business navigate these areas, and also how they can expand their own skill set.


Seek Alignment

For banks and financial institutions any friction between information services and information technology can be costly if it means that the right people are not getting the right information. The Jinfo Research Focus, "Strategic Alignment of IS and IT" explored ways of ensuring that the objectives of both groups can be aligned and the friction removed.

A selection of the articles, reports and webinars which provide invaluable insights and practical advice into these areas can be found below, along with a number of in-depth product reviews.

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