Are financial services firms starting to really recognize the relevancy of data as far as its importance to operations?
FTF News put the question to John A. Bottega, executive director at the EDM Council, a nonprofit group that advocates for data standards and best practices. FTF News interviewed Bottega during ISITC’s the 25th Annual Securities Operations Summit in Boston this past March. ISITC is an industry trade group focused on creating and promoting securities operations standards.
“I don’t know if firms are not recognizing the relevancy of data. It’s a question of what that means to their firm,” Bottega says. “We have a lot of tools at our disposal and the challenge that I see sometimes is that we think the tool is going fix everything. There is now such a proliferation of data that … we don’t know exactly how to use it. … Even in our own personal lives, our phones and our different devices and watches and so forth, are generating huge amounts of data. Firms now have gathered it, collected it and are kind of looking at and saying, ‘Now, what do I do with it.’ ”
One way to optimize all the collected data is to identify the problem that could be resolved via data, look at the factors that affect that problem, and then apply the technologies to expedite the solution, Bottega says.
Bottega has been working with the EDM Council as an industry contributor since 2005 and served as chairman from 2007 to 2014, according to the EDM Council. He became a member of the council’s executive team as a senior advisor in 2014 and took over as executive director of the EDM Council in 2017.
Bottega has more than 30 years of senior-level data management experience in the industry, and has served as chief data officer for private and public sector positions, including serving as CDO for Citi, Bank of America, and the Federal Reserve Bank of New York.
Click on the image above to watch the entire interview.
Video production and editing overseen by Tom Baldinger, senior data analyst — classification data team at Bloomberg LP Global Data
The interview was conducted by Eugene Grygo, chief content officer for FTF and FTF News.