Survey of 250 financial leaders finds that connecting data is one of the biggest barriers to innovation in 2022
InterSystems, a creative data technology provider dedicated to helping customers solve the most critical scalability, interoperability, and speed problems, recently sponsored a comprehensive survey of financial services technology executives, exploring how financial firms can use enterprise data to drive actionable insights across their business teams. Entitled “Empowering Line of Business Users Through Data Democratization,” the report was published by the Financial Information Management (FIMA) conference series and produced by WBR Insights, the custom research arm of Worldwide Business Research.
“The ability to leverage live data to make “in the moment”
The WBR Insights research team surveyed 250 financial leaders across the U.S. and Canada to generate the results featured in the report.
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Among the key insights from the report, researchers learned the following:
- 62% of financial leaders say improving access to siloed, distributed data will be one of their top data initiatives in the next 12 months, with 54% of respondents citing data silos as one of their biggest barriers to innovation.
- Other barriers to innovation at financial firms include lack of buy-in from internal stakeholders (49%) and budget constraints (45%).
- 55% of financial leaders say implementing technologies that will enable them to create a data-driven organization is among their top-three biggest data-related priorities.
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The study indicated that most financial firms are taking steps to improve the way data is used across the organization, but they struggle to make data both accessible and usable. 85% of financial leaders said their IT staff spend 25% to 50% of their time helping other staff access the data and insights they require. They also struggle to implement tools that enable non-technical users to leverage enterprise data across the organization.
Over one-third of financial industry leaders (37%) are not satisfied with their current data management technology stack. Accordingly, in the next 12 months, 34% of respondents expect to implement data management technologies that offer data visualization, while 32% will implement data management solutions that offer business user self-service.
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According to Chris Rand, Head of Research, FIMA | WBR Insights, “Financial firms must take steps to break down data silos, establish rigorous data quality standards, and democratize data for use across the entire organization. This report clearly demonstrates the importance of versatile data management technology and is a must-read for any financial organization that aspires to use data to its fullest potential.”
Michael Hom, Head of Financial Services Solutions, InterSystems, added: “The ability to leverage live data to make “in the moment” decisions and further key initiatives, such as business 360 and customer 360, is vital for financial leaders. However, the research shows that the majority aren’t currently able to achieve these goals. Adopting next generation data management solutions that bridge data silos and provide business self-service and analytics capabilities will allow business leaders to easily access, share, interpret, and capitalize on enterprise data, and overcome the current challenges they are facing.”
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