Today more than ever before, financial services firms are striving to gain a competitive edge, deliver more value to customers, reduce risk, and respond more quickly to the needs of the business. With this, digital transformation strategies are beginning to shift to have more of an enterprise-level focus.
However, for many firms, being able to access all of their data, especially in real time, can be challenging, owing to the growing volumes and complexities of data they must deal with.
We surveyed almost 200 senior executives within European financial services firms to understand the current data challenges they are facing and the impact of these issues, as well as their key data initiatives and priorities for the coming year.
The survey highlights include the biggest data challenges being faced which are:
- Delayed access to data (39%);
- Not being able to get the data in the correct format (33%);
- Not able to get the data from all the needed sources (31%).
Gaining a consistent, accurate, real-time view of their data will better enable firms to overcome these challenges and help to improve everything from understanding market risk, risk reporting and cash flow, to regulatory compliance, and a comprehensive view of customer and institutional client activity. It also eliminates delays in accessing data and allows organisations to incorporate analytics on real time event and transactional data without impacting system performance.