The management of inbound data has become an enormous cost for investment banks in recent years. As data drives more and more decisions, the importance of this challenge will only grow. How does Refinitiv Data Platform help to provide customers with valuable data insights?
- Data will be the catalyst for driving an increasing amount of important company decisions. However, a drawback is that it is a major cost-center.
- Refinitiv Data Platform facilitates actionable, profitable data insights to help its customers adapt to this challenge.
- Key is the ability to receive, adapt, reintegrate, monitor and update data, effortlessly.
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At Refinitiv, I see it as my role to ensure that the management burden involving inbound data becomes a frictionless, intuitive service, and that any cost is eclipsed by the value of the insights it affords.
Refinitiv Data Platform is designed to do just that. This has been a huge undertaking for us, requiring lots of people to both manage the data and ensure that the tools we use to make it accessible are sufficiently flexible to provide real, actionable insights.
Here are some of the big issues, facing the whole industry, that are central to how Refinitiv is solving this challenge for our customers:
1. Adaptable interfaces
Large financial institutions are not internally homogeneous and the data needs of different teams, departments and entities vary widely.
Mirroring all touchpoints across an organization is no easy task. Given that initial situation of complexity, how best to then introduce third-party data, marry it with pre-existing, proprietary processes and requirements, and keep that data updated, is something the whole industry is racing to address.
2. Tracking your own data usage
The proliferation of data can be overwhelming.
Refinitiv Data Platform is designed so you can easily track the data you are using and monitor it, and so make more informed choices about which data you are integrating, both individually and at a user-community level.
3. Making adjustable data-choices
Refinitiv’s (or that of any data service provider) should not be the final word in the presentation of data.
When working in investment banking, I always found that even the data you call in typically requires adjustments to make it truly actionable to your specific need. Whether it’s to adjust an industry taxonomy or ranking, you will always have your own lens through which to see the world.
That’s why Refinitiv Data Platform is focused on facilitating actionable, proprietary data that is able to be reintegrated into our system, in order to drive decisions and therefore value.
4. Behavioral insights
Private markets, which constitute an ever-larger part of the global economy and capital markets activity, are outside of standard public market disclosures and transparency. But this should not mean that private markets remain opaque.
There are large amounts of data available out there, particularly in this age of instant and transparent customer and employee reviews. We are constantly seeking to enhance such coverage.
5. Responsiveness to macro-developments
Changes in macroeconomic and societal circumstance can spark new areas of interest and data requirements. How the current COVID-19 pandemic has increased interest in ESG is a perfect example of this.
It is important to equip your sales force with indicators around such changes, so when they get a call, they have the right intelligence at their fingertips to seize the opportunity.
6. Permissions and access
We are enabling clients to build workload-centric use-cases around data. This means data must be at your fingertips, in the Cloud, with fast permissions and without having to reload data. These days, segregating data between departments, while ensuring it remains synced, should be a hygienic factor and a ‘given’.
The future of data insights
I believe we are on the threshold of a significant leap in the value that capital markets players can derive from data insights. Refinitiv Data Platform is at the forefront of the efforts to ensure this historic cost-center can be a value-adding component to every strategic decision.