briefing
To deliver the benefits of ecosystem transformation , we recommend these five pillars for operational improvement : from common taxonomies , golden-source data , and adherence to ecosystem-wide standards .
l Improve client experiences . The ultimate test in operational improvement is to make the experience better for investors in a way that contributes to higher retention and revenues . To make that happen , firms will need to keep up with changing investor behavior , whether it ’ s trading new cryptocurrency asset classes ; supporting digital proxy voting in online Annual General Meetings ; or integrating with fintech providers .
1 . Mitigate Risk with Data Governance
“ By knocking down silos and by understanding more deeply why stakeholders want the data , operations can leap forward ,” said Paul Lacey , Managing Director , Wells Fargo Securities .
Data governance ensures that organizations can establish fine-grained controls over how information can be shared , with whom , and for how long .
Risk mitigation based on robust data governance practices will help to build consensus on the appropriateness and feasibility of sharing data for new applications , enabling organizations to unlock business value .
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