In the quest to gain better insights and more effective governance, financial institutions often stumble over their low data quality.
Over the last few decades, banks accumulated numerous systems and thus numerous data warehouses. These warehouses are often based on overlapping models with similar but not equivalent concepts and limited, if any, reconciliation between the data sources. Financial Institutions gather, process, and generally have to deal with a lot of different types of data traditionally achieved through ETL (Extraction, Transform, and Load).
Data virtualization is a modern approach that allows applications to retrieve and manipulate data without knowing the technical details about the data and in many cases offers a more accurate, faster and cheaper integration of data sources than ETL processes.
This whitepaper explores the capabilities afforded to data managers by Data Virtualization, examines why firms are starting to adopt this technology and outlines the benefits from adopting a virtualized data model, including;
- Higher data quality and consistency
- Better traceability
- Lower Total Cost of Ownership (TCO) as less hardware and software resources are required
- Enhanced performance, as there are fewer transformations and less copying of data
- A single version of truth, for financial reporting and business intelligence.
Download this free whitepaper to learn more.