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One central aspect in Linda\\u2019s career is the importance of data analytics. When it comes to data as an asset, plenty of different entities can claim ownership to it: financial institutions, vendors, banks, and even the government. With so much data going around, it\\u2019s important to know where the data is coming from, how to process it into useful information, and how it can be centralized in a way that it can be used by more parties in more projects.

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How Do We Preserve Repositories of Skills and Knowledge?

The finance sector is working on capturing processes of knowledge into analytical models. As data enters these models, technology can work on computing this information and laying out analyses for us in a more efficient manner. This gives two benefits: first, the process of computing this information is not lost. Second, computing is done more efficiently. There is no need to return to square one when a longtime employee vacates a position.

Here, Linda makes several parallels between retail and finance using labels for canned goods as an example. Due to incredibly small margins in retail, it\\u2019s important for canned goods to be transparent about the content and process involved in making this product. This is because it serves as their competitive edge.\\xa0

If financial institutions were also as concerned about being transparent, then it would make maneuvering financial markets more efficient. According to Linda, the biggest problem that financial institutions had when dealing with the crash of Wall Street was in being able to uniquely identify institutions. When the Lehman brothers crashed, she described everyone to have \\u201cheld their breath for about 48 hours while transactions settled, because nobody knew who all of the subsidiaries of Lehman were and they didn\\u2019t know how to uniquely identify.\\u201d

With such a catastrophic experience institutions can and should learn from, she is optimistic that the benefits of data standards will be observed and acknowledged by institutions.

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Holding The Front Line:

Linda perceives her previous work on the board of governors of the Federal Reserve as similar to being a medic.

\\u201cI was the medic who, once the wounding was happening and people were like, hey, I need to find out this piece of information. And then we would figure out how to cobble some stuff together, look at things in a different way or produce some different sets of information. It was absolutely fascinating,\\u201d she explained.

In efforts to learn from the collapse of the Lehman brothers and ensure that it does not happen again, big banks are investing plenty of money in data management infrastructure so that they can get precise and accurate reporting on where they stand. This faster and more efficient flow of data can help financial institutions preemptively deal with ebbs and flows in the market, instead of scrambling to react.

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The Way Forward:

When working on the projects, Linda noticed that her team members had to take data from several different databases before they could piece together a clear picture of the companies they needed to look at and the identifiers they needed to study.\\xa0

This inspired her to create an integrated database where all government and vendor data, their unique identifiers, and the legal entity identifier were stored. From stock prices to bond prices and financial statement information, this served as a reusable launching point for future projects that everybody in the organization could access.

It allows individuals to free up more time working on different aspects of future projects, which makes the entire process more efficient, resources more available, and human labor more open to higher-tier aspects of work such as algorithms. This is called the economies of scale.

That\\u2019s three benefits: resource efficiency, economies of scale, and ready to deploy at any time.\\xa0

One challenge of implementing this change is convincing people to change their mindset from making sure that they get the task done in the easiest, most efficient way for themselves; to finding ways to get the task done while giving the next people who will be using this data the opportunity to use it in the most efficient way \\u2014 even if it can be a bigger challenge upfront.\\xa0

It\\u2019s encouraging people to look beyond merely making unique personal identifiers to data sets so that they can get the job done instead of finding a standardized identifier for the information and then applying it.\\xa0

\\u201cIt\'s taking the larger view of things, of how do I make things more efficient for the entire ecosystem, so that we can do things that we currently can\'t do at all?\\u201d Linda asks.

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Closing Thoughts: Setting Up The Data Hierarchy of Needs:

According to Linda, it\\u2019s human nature to get excited about big and lofty goals like machine learning and artificial intelligence. However, the root of any successful and sustainable effort is found in learning how to target and harness one\\u2019s data.

While achieving enlightenment in finance is possible, it would be difficult for people and businesses to scale the process effectively because they have to start from square one every single time.\\xa0

So, when you think of the data you handle and how it can be a part of something greater with a little extra effort upfront \\u2014 how much is your data worth? www.tartle.co

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Data Transparency, Finance, and Governance with Linda Powell, Global Head of Data Strategy, Governance, and End User Computing at Citibank by TARTLE is licensed under CC BY-SA 4.0

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Tcast is brought to you by TARTLE. A global personal data marketplace that allows users to sell their personal information anonymously when they want to, while allowing buyers to access clean ready to analyze data sets on digital identities from all across the globe.

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The show is hosted by Co-Founder and Source Data Pioneer Alexander McCaig and Head of Conscious Marketing Jason Rigby.

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What\'s your data worth?

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