The financial services industry heavily relies on market data for its daily business transactions. However, managing this data can be overwhelming due to its frequent and complex collection process. Internal data sources, such as ATMs, credit cards, and call centers, are traditional sources, while external data sources include news, industry aggregators, and regulatory agencies. Managing external data sources, particularly third-party vendors, can be a daunting task. Despite this, external data is crucial for successful decision-making in the financial industry. For example, data on bids, asks, and last traded prices for financial securities enables security dealers to make informed decisions on buying and selling instruments. To optimize costs and ROI, financial services companies need to establish control over internal data sources and effectively manage external data sources.
