Greg MacSweeney of Wall Street & Tech reports, “Technology’s role in helping financial institutions meet the increasing regulatory burden was front and center at SWIFT’s Operations Forum 2013 conference, with panelists commenting that cloud, big data and semantic technology will help organizations in the near future. With most experts estimating that the compliance price tag for the financial services industry will be in the billions of dollars, financial organizations are looking for ways to meet regulatory demands while simultaneously trying to reduce costs.”

He continues, “‘Banks will have to report much more frequently and will have to consolidate data,’ said Javier Perez-Tasso, head of marketing at SWIFT and also moderator of the panel Can Technology Carry the Regulatory Burden? ‘With data spread across many different areas, we will see if a lack of systems integration will be overcome’ as firms find ways to meet regulatory demands. ‘Big data, cloud computing and semantic search will help financial institutions to comply with new regulations.’ But just thinking about regulation as a burden places it in a negative light. ‘We should not be thinking about this challenge as a regulatory burden,’ said Lee Fulmer, Managing Director, CTO Cash Management at J.P. Morgan and a member of the panel. ‘We should think about it as good business’.”

Read more here. You can also learn more about the role of semantic technology in the financial world at the upcoming Semantic Technology & Business Conference. Just a few of the pertinent sessions include:

• Smarter Semantics, Smarter Finance
• Semantic GRC — Shrinking the multi-trillion dollar cost of regulation
• The Financial Industry Business Ontology: A Transformational Step for the Financial Industry

Image: Courtesy Flickr/ Bosc d’Anjou