FINOS Director of Member Success, Tosha Ellison, recently spoke with Investment News about the need to standardize data in financial services because the "the customized, next-gen experience that clients and advisers want becomes much easier to build when the technology and data are standardized and consistent."
"One reason it's so difficult to develop new technology for financial advisers, or perfect the ones they use right now, is there is no universal standard for data in the financial services industry.
...While the idea of competing Wall Street firms working together on technology might seem impossible, Ms. Ellison said there is precedence... believes this can happen again, and is starting to see progress. Goldman Sachs, JP Morgan Chase, Morgan Stanley, UBS and Wells Fargo are all active members of FINOS."