The financial markets have never witnessed a deadline as large, complicated and challenging as the upcoming shift away from Libor. Often called “the most important number in the world”, Libor is being decommissioned no later than the end of 2021, and the impacts on all facets of the financial world are immense.
As described in our recent white paper, Libor as a Template for Digital Document Transformation in Financial Services, the circumstances surrounding Libor are a useful opportunity to highlight the myriad ways in which modern technology solutions, including machine learning (ML), can be deployed to attack and tame the document challenges inherent in the demise of Libor. The white paper takes a high-level look at the issues involved and sketches out best practices as well as practical solutions to address challenges and pitfalls that such projects are certain to encounter along the way.
Complex problems require concrete solutions, however, and the combined resources of Iron Mountain and Google are a prime example of one way that the Libor conundrum can be cracked. Through the judicious application of Iron Mountain’s InSight service and Google Cloud resources, it is possible to tame complex challenges like the Libor transition. As a result, opportunities to transform the enterprise in ways that unlock new efficiencies, lower costs, enhance security profiles and, ultimately, increase both user experience and profitability as well.
Superior Libor Transition Results from a Power Partnership
The landscape of effective technology program delivery is increasingly dominated by power partnerships and it’s not difficult to see why: the complexity of issues and breadth of knowledge and experience needed to address them are daunting. This is what makes the Iron Mountain / Google Cloud offering so compelling.
Iron Mountain is synonymous with information management but their capabilities go far beyond traditional storage to include data management, content analytics, and information governance. From this base of expertise, the Iron Mountain InSight platform allows organizations to collect, organize, and understand document data at scale for all forms of media, from print to digital, in a single platform. It accomplishes this by leveraging machine learning to do the heavy lifting of document classification and information extraction over a wide variety of documents. The importance of having a single user interface for the management of document workflow cannot be overemphasized. It serves to make the complex understandable and helps to reveal previously unseen relationships in ways that deliver enhanced business intelligence and exceptional outcomes.
The InSight platform draws on the power of Google Cloud, giving it the ability to leverage state-of-the-art machine learning algorithms and hosting, while also scaling seamlessly and quickly to meet fluctuating demand. Simply put, Google provides the platform and capabilities that make it possible to extract maximum value from the deep experience and skill provided by Iron Mountain. But that is only the beginning. The superior tools that are available in Google Cloud, including Big Query and advanced AI capabilities, add the heft needed to address complex opportunities. For example, Google Cloud’s Vision OCR (optical character recognition) uses deep-learning neural network algorithms to deliver exceptional accuracy. At the end of the day, Google’s flexibility also promises to make it possible for maximum utilization of both existing, on-premise resources as well as the incorporation of multi-cloud capabilities.
Accessing the Best Tools to Tackle the Libor Transition
Effectively tackling the biggest challenges inevitably leads to the largest and most profound changes to the enterprise. In all ways, the demise of Libor is a unique and profound event of unparalleled scope and complexity. Utilizing the combined technology, tools, and talent of Iron Mountain and Google Cloud to tackle a challenge as large as the transition away from Libor is a powerful tool in the arsenal that is needed to deal with the Libor transition.
To learn more about our perspective, download a copy of our white paper, Libor as a Template for Digital Document Transformation in Financial Services. Maven Wave helps drive the future of financial services with innovative business outcomes, fueled by cloud, with risk top of mind. If you’re interested in learning more about how we can assist with the Libor transition, contact us.
This post was co-authored by Roko Sinovcic.
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