Jonathan Gittos, former investment banker and founder of financial software developer Marketpipe praised the benefits of XML, the widely hailed computer-based language predicted to overtake HTML – currently the most popular language for displaying information on the internet.
eXtensible Markup Language, or XML, is a method used to add structure and context to unstructured information and allows more relevant and quicker searches to be done on the internet once data has been tagged.
But, Gittos went beyond pure praise of XML and what it will signify for all financial professionals, users and investors. He said the most important by-product of XML would be enhanced communication between people.
‘I think half the problem of the failed technology industry is partly to do with businessmen and technology guys thinking they could replace salesmen with technology and web pages,’ Gittos told a gathering of finance professional at an XML event at the Barbican organised by researchsummary.com, an investment banks research portal.
‘My hippy message is that people like talking to each other. Anything that is to work must be like the medieval marketplace,’ he added.
Figures produced by Sean Weir, capital markets partner at Accenture, further highlighted the urgent need to improve the quality and quantity of information analysts and investors receive.
In a straw poll conducted over the summer by Accenture, fund managers said 90% of the research they received went unread while 65% of research received by email was unsolicited. On average a fund manager receives around three feet of reports and over 300 emails a day.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice