Managing Master Content in Financial Services


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Data Management is the focus of industry and regulators. Industry bodies such as EDM Council are establishing best practice framework for data governance and clear evolutionary path to establish a data management culture within organisations. This means financial services organisations are going to have to improve how they manage ALL their information assets for compliance and regulatory reasons. Given the volume of data growth in the next years, this presentation looks at the new generation scalable technologies.

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Managing Master Content in Financial Services

  1. 1. Managing Master Content in Financial Services Aingaran Pillai CEO ZaiziManaging Master Content
  2. 2. • Zaizi is a consultancy and systems integrator specialising in assembling smart content solutions using Alfresco. • Our team have experience building and delivering a wide range of enterprise solutions including document and web content management systems, portals and corporate extranets on Alfresco. • We are an Alfresco certified Platinum Partner. • Alfresco Partner of the Year 2012! • Working with a number of large financial services firms.Managing Master Content
  3. 3. Challenging Times 2008Managing Master Content
  4. 4. Challenging Times 2012Managing Master Content
  5. 5. Data Management gains prominence • Systemic risk at the heart of the financial crisis of 2008 • Accurate view of risk • Focus of industry and regulators (e.g. Dodd–Frank Wall Street Reform Act, European Market Infrastructure Regulation, Solvency II directives and the Basel Accords) • All of these legislative initiatives require companies to comply with standards and are dependent on the availability of accurate and comparable data from many diverse sources.Managing Master Content
  6. 6. Enterprise Data Management (EDM) Council • Established in 2005 as non-profit trade association to create and implement standards for effective data management. • Council Programs • Data Content Standards • Data Management Best Practices • Data Implications of Regulation • Business NetworkManaging Master Content
  7. 7. Data Management Maturity Model (DMM) • Developed by Carnegie Mellon University Software Engineering Institute (SEI) and the Enterprise Data Management (EDM) Council. • Defines requirements for developing a data management strategy, implementing governance, managing data operations, improving data quality and integrating data effectively into business processes. • Based on Capability Maturity Model Integration (CMMI) methodology, DMM provides a comprehensive and standarised mechanism to establish a data management culture within organisations.Managing Master Content
  8. 8. Large amounts of data in unstructured documents & emails. E.g. over-the- counter (OTC) contracts!Managing Master Content
  9. 9. Documents Everywhere • Workflow Process • Case Management • Publishing • Web Content • Records Management • Document Scanning • CollaborationManaging Master Content
  10. 10. Workflow Processes • Lending • Mortgage origination • Student loan origination • Commercial property lending • Bond issuance deal management • Private mortgage insurance underwritingManaging Master Content
  11. 11. Case Management • Account Management • Account Opening • New employee on-boarding • Insurance claims • Legal contracts • CRM integrationManaging Master Content
  12. 12. Publishing • Document Publishing • Proposal Generation • Sales & marketing collateral • Analyst research • Insurance product information • Customer bank statementsManaging Master Content
  13. 13. Web Content • Information Portals • Investor Portal • Multi-lingual • Sales & marketing information portal • Intranet portal • Web site collateral • Personal banking portal • Insurance claim handling portalManaging Master Content
  14. 14. Records Management • Record Retention, Search & Disposal • Employee Records • Customer account records • Deal contractsManaging Master Content
  15. 15. Scanning • Document Scanning & Metadata extraction • Application form scanning • Supporting documentation • Faxes • EmailsManaging Master Content
  16. 16. Emails (Not Archiving) • Email Management • Emails relating to trades and deals • Emails relating to customer • Faxes emailed inManaging Master Content
  17. 17. Additional Uses • Lending • Consumer banking - statement management • Community Lending • Trade confirmations • Small business lending • Collections and payment processing • Auto lending • Investment advisor mobile sales • Debt & equity underwritingManaging Master Content
  18. 18. Unstructured Data Avalanche Master Content
  19. 19. The Information Infrastructure • Enterprise Content Management is an importance competence and infrastructure technology • Vital due to 1. Compounding growth of content generated. 2. Integration of content with business processes. 3. Supporting mobile business user access and collaboration. 4. Maintaining governance and control to support regulatory and legal compliance.Managing Master Content
  20. 20. The Information Infrastructure Platform Web Mobile Shared Drive Email Applications SharePointManaging Master Content
  21. 21. Enabling Enterprise Information Management • Data integration with CRM, ERP or Master / Reference Data Systems enables; • Single view of customers or counterparty. • Useful to drive business intelligence to provide better operational insights. • Full audit capabilities • Enhanced Security for compliance & reportingManaging Master Content
  22. 22. Enabling Knowledge Workers • Adaptive Case Management based on integrated information strategy • Case Data is Center not Process • SOP as guidance / frame for work • Holistic View on Data / Information • E.g. Customer / Counterparty KYC ProcessManaging Master Content
  23. 23. Future Trends - Semantic Technologies • EDM Council working Semantic Repository to bring together structured and unstructured data. It will enable data interoperability across organisations • EU directive to share and make available government data in machine readable format as Linked Open Data. • UK’s Open Data Institute (ODI) driving government and industry adoption of Open Linked Data. • Google, Microsoft, Yahoo promoting the use of Semantic Markup to publish content - Impact on financial services as Google is our new Financial Advisor! • Next big hype after “Big Data”Managing Master Content
  24. 24. Open Corporates - Open Data of The Corporate WorldManaging Master Content
  25. 25. Technology Revolutions Source: Enterprise Solutions
  26. 26. Internet ScaleOpen Enterprise Solutions
  27. 27. New Technology GiantsOpen Enterprise Solutions
  28. 28. Usage Technology • Total videos as of March 17th 2008: • Apache 78.3 million. • Python • Videos uploaded per day: over • Linux 150,000. • MySQL (3 DBAs) • Average video length: 2 minutes 46.17 seconds. • psyco • 412.3 years to view all of the • lighttpd materials on YouTube. • Received more than 100 million • Source: unique visits in January 2009. youtube-architecture. • Sources: comScore & Digital Ethnography.Open Enterprise Solutions
  29. 29. Usage Technology • More than 175 million active users. • Apache (1,200 web servers) • More than 3 billion minutes are • PHP spent on Facebook each day. • Python • More than 18 million users update • Java their statuses at least once each day. • Linux • More than 850 million photos uploaded to the site each month. • MySQL (1,800 servers & 30,000 databases, 2 DBAs) • More than 7 million video uploaded each month. . • 52,000 third party applications • Source: Engineering @ Facebook. available. • Source: Facebook.Open Enterprise Solutions
  30. 30. The Hadoop Example • Open source software framework that supports distributed processing and storage of large data sets. • Inspired by Googles MapReduce and Google File System (GFS) papers. • Developed by Doug Cutting to scale Nutch crawler (Original developer for Lucene). • Yahoo! hired Doug for full time development on Hadoop. • Adopted by several other big-name tech outfits, including Facebook, Twitter, Apple, and, yes, Microsoft. • Microsoft acquired semantic search outfit Powerset which it rolled into Bing. Powerset relies on Hadoop. • Number of Enterprise products providing Data Processing solutions!Open Enterprise Solutions
  31. 31. The leading open source Enterprise Content PlatformManaging Master Content
  32. 32. Alfresco: The Open Source Alternative to Sharepoint as well as Opentext, Filenet, Documentum et alia Alfresco: Fast Secure Manageable Open StandardsManaging Master Content
  33. 33. Alfresco : a new way of working • No restriction on licensing / freedom for both internal & external users • Customer developments contributed back to Alfresco for the benefit of others. • No License charge / no Capital Outlay. • Ready and free access to the software / “unlimited try before you buy” • Value based software maintenance and support agreement based on how much the software is used.Managing Master Content
  34. 34. John Powell, Alfresco Founder & CTO Founder of Documentum 2005 Alfresco aimed to disrupt the ECM industry through the power of open source & open standardsManaging Master Content
  35. 35. Alfresco’s Mission • People need to collaborate with consultants, contractors, Collaboration in Business partners, customers, prospects, agencies... to get work done! Head Office Partner ECM Customer Remote Office Agency FirewallManaging Master Content
  36. 36. Summary • Data Management is the focus of industry and regulators. • Industry bodies such as EDM Council are establishing best practice framework for data governance and clear evolutionary path to establish a data management culture within organisations. • Financial services organisations are going to have to improve how they manage ALL their information assets for compliance and regulatory reasons. • Given the volume of data growth in the next years, will need to look at the new generation scalable technologies.Managing Master Content
  37. 37. Thank You!Managing Master Content