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It is no longeracceptablefor central banks to rely on daily batch processing within their data management frameworks,says Henrik Crone, deputy chief executive of Skysparc.

[Central banks] need to have a data lake, which constantly streams updates to their data analytics platforms, Crone tells Central Banking.

One way to achieve real-time data updates is to migrate from on-premises data centres to cloud-hosted centres.

Historically, central banks have used on-premises data centres which means their IT infrastructure is onsite. These centres include everything from servers that support email to the network hardware connecting them to support infrastructure.

Over the years, however, a larger proportion of central banks are switching to the cloud. Within a cloud data centre, a central bank leases infrastructure from a third party like Amazon Web Service or Microsoft and accesses data centre resources over the internet.

Adopting cloud, Crone says during the latest CB on Air Partners in Focus episode, not only allows central banks access to data from wherever they are in the world, but also allows them to scale up their data platforms.

You can programmatically increase the power of their querying. They can find their business data insights within data platforms using the power of the cloud the storage is also endless, he says.

Having infinite data storage allows central banks to aggregate historical data with real-time data warehousing.

Central banks would also reduce their data maintenance costs should they make the move to a cloud-hosted data network.

When you have traditional frameworks, you have to ensure there is an administrator and partitioning tables, all this technical mumbo jumbo regarding the maintenance, says Crone.

Data partitioning occurs to allow data to be distributed across sites and accessed seperately in order to improve query performance and increase the manageability of an on-premises database. In the cloud, there is zero maintenance, Crone says.

Index

00:00 Introductions

00:50 From data warehouses to the cloud

03:10 Cloud technology post-pandemic

08:44 Overcoming analytics challenges

11:27 Future data trends

Link:
Podcast: why the future of data management sits in the cloud - Central Banking