The importance of diversity of thought as firms navigate data democratization across people, processes, and platforms

The value of diversity of thought in business is well-established: Companies where 30 percent of executives or more are women are nearly 50 percent more likely to outperform financially, and 67 percent of candidates when evaluating job offers. A range of backgrounds and experiences facilitates creativity, problem-solving and positive outcomes.

The same is true for diversity of thought within financial operations as digital transformation teams and technology partners look to reimagine workflows to create a golden source of data for the democratization of that data.To be successful, programs require diversity of teams and interoperability between technology – different experiences, skillset and information to drive towards a successful result.

Every client relationship or transaction begins with an exchange of data: from KYC data collected as part of the client onboarding process, to standard settlement instructions, trade details and collateral and payment information. But due to fragmented, disparate, legacy IT systems at financial institutions, this data is often not smoothly accessible or transferable. Different organizations and stakeholders use varied processes, taxonomies, and languages.

In order to effectively leverage these diverse data sets, organizations must work together. This demands collaboration between those who understand the legacy systems, others who understand data, and people who understand the new technology reality of today. Greater interoperability of data facilitates smoother workflows across the industry –  collectively taking accountability for those changes helps us all move one step closer to achieving workflow nirvana.

Symphony contributes to solving the data diversity challenge in a variety of ways. Most importantly, Symphony acts as connective tissue between people, processes, and platforms. Our assets include the largest verified network in financial services, with more than half a million participants across 500 organizations. Ensuring that users can reach the people with whom they need to collaborate is critical to developing seamless processes and increasing interoperability. Symphony’s open APIs help bridge the gaps between disparate systems, and bots support coding and programming that enhance data flexibility.

Our ultimate goal is to connect each user to the data and the people that will enable them to solve challenges in pre- and post-trade workflows. Imagine that all the applications you use on a daily basis are connected to Symphony, so that whenever an issue arises, you can resolve it in real time – No friction, no rekeying of data, and easy access to an automated workflow within a secure, compliant channel. It’s a vision we believe in wholeheartedly — and one that demands both diversity and collaboration to fully achieve.

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