Enhancing data management practices in today’s enterprises has become increasingly costly and is often seen as a daunting challenge to operationalise. With concepts like 'Minimally Viable Product' (MVP) gaining traction, many domain owners have seemingly resigned to the ongoing and high-stakes maintenance and synchronisation of multiple client and account masters across fragmented systems. Meanwhile, the relentless implementation of data quality controls to comply with ever-evolving regulations further adds to the complexity. It's clear that the industry needs a fundamental shift in its approach to data management.</p> In 2024, Kingland conducted a comprehensive study involving multiple executive participants from every North America's Global Systemically Important Banks (G-SIBs) to gain insights into the data challenges facing the capital markets. Our findings revealed that the pace of business is rapidly outpacing current data management practices, processes, technologies and funding. </p> For these firms, over the course of many years, a combination of escalating internal data challenges and external market pressures has created a perfect storm of data chaos. Internally, data is exponentially expanding in both volume and complexity, driven by the introduction of new products and rapid advancements in technology like GenAI and machine learning. Externally, regulatory demands are intensifying, requiring enhanced data quality controls, while continued inorganic growth is further straining existing capabilities. Our research highlights that today’s financial services regulators are insisting that institutions bolster their quality assurance practices and data controls to effectively manage risk and ensure timely regulatory compliance.</p> The world's most integral banks are actively taking control of their data, and despite the challenges identified in our study, we see the banking and capital markets industry well-positioned for change, particularly in the form of improved controls and critical data automation, as previous investments have paved a strong foundation for future progress. </p> As a long-time executive at Kingland, I've had a front-row seat to listen, observe and design regulatory-grade data solutions for the world's most integral companies. With the risk of getting it wrong</em> plastered on every major publication outlet these days - measured today in billions of dollars - the stakes have never been higher. Firms must aim to augment, not replace, their existing data management practices as they prepare for tomorrow. The industry requires a series of complimentary capabilities that enable enterprises to connect their critical data, core systems, and disparate data tools to manage and operationalise end-to-end data refinement activities.</p> A complimentary copy of the G-SIB study from the referenced study can be requested by visiting: https://www.kingland.com/contact</a></p> The Sibos Insider Blog provides inspiring insights from financial industry experts and influencers. The blogs provide informed thought-leadership on a range of topics. The opinions expressed in these blogs reflect the personal views of the author and not their organisation, Sibos, or Swift.</em></p>