Etikettarkiv: banking

Datensparsamkeit and quality of data

I just read Martin Fowlers blogpost on the concept of Datensparsamkeit that you can find here

My summary of his post is that he argues that organizations should only store the data they really need and not, in this day and age of big data, store all data they can get their hands on. His primary concern is that of privacy.

I fully support his concern of privacy, but reading the blogpost it got me to think about another reason for Datensparsamkeit.

In my current project we have been collecting data from various sources, internal to the organization as well as external. After all, the project is about a data warehouse and those are fundamentally about collecting data. In some situations the data was not needed right away, but for various reasons we built the interface to collect it anyway. After this, the interface was put into production and the data collection was started.

In all of the situations when we collected data that was not needed right away, we run into serious data quality issues. We had situations when the interface was broken for months, no data was collected nobody realized it. We also had a situation where a calculation to generate derived data was seriously flawed for months and nobody realized it.

Since the data was not needed right away, nobody was ensuring the quality of it and therefore the collection of the data was not only a big waste, it also led to serious rework to fix the problems.

So, in addition to the privacy concerns of Datensparsamkeit, I would also add serious data quality issues that leads to Datensparsamkeit.

Going back to banking

The ink was barely dry from my last post, which I wrote yesterday when I got a new assigment and I am going back to banking.

I will do some development of liquidity risk management solutions for a major Swedish bank.  It will be interesting to go back closer to the technology and code once again.  Lately I have mostly been a producer of documents:-)

What’s up with banking people

Over the years I have worked with software development in a number of industries including e.g. telco, defense, law enforcement, real estate, airlines etc. In most of those industries the software and/or IT people are mainly just that, i.e software/IT people. Also, the people in those industries usually approach the idea of other businesses as something they may certainly work in (although perhaps they never do)

But in my experience one industry stands out: Banking. A lot of the people working there cannot envision working in another industry, even if they “only” do software/IT (something not directlyrelated to the business itself). Furthermore, to get a consulting gig in the Banking business it is much more important with industry experience than in many other industries.

Why is that? Why is the banking industry so much more constrained to its own industry?

Perhaps you could argue that software/IT in the banking business requires a deeper domain knowledge than in other industries, but I do not buy that. Other industries certainly have as many peculiar ways of doing things, as much business lingo and as much dependence on odd processes as banking does. So it must be something else, but what?