The Financial Services industry is complex
The Financial Services Industry is known for its complexity in terms of vendors, products, user requirements, agreements, and pricing structures. Financial institutions typically spend huge amounts on financial market data and information systems in order to support investment decisions.
The diversity in terms of alternative vendors and products is enormous. The level of demand from the business due to continuously changing business requirements and vendor offerings put continuous pressure on the market data and IT organization. The industry itself, however, knows a high level of secrecy due to the lack of transparency and limited exchange of information between participants.
“Screen Consultants has helped us to better understand our market data spend in relation to our industry peers”
Pressure of market data users
Worldwide internal professionals are under growing pressure of market data users as their requests to the internal organization are ad hoc, need to be addressed immediately, seem simple but are often very complex (financially, content, technical), and often relate to vendors and products that are not used (yet) in the organization.
Business requests not only generate more revenue but often also result in extra costs and they have an impact on many internal departments (such as IT, procurement, support, etc).