InterSystems’ new report on the top data and technology challenges facing financial services in APAC found that 87% of A/NZ banks experience frustration and concern when using their data to to take decisions.

The report states that 88% of A/NZ businesses cannot base decisions on near real-time information less than a day old, while 38% of A/NZ financial services make decisions based on data that is less than a day old. one to three days. old, and 13% rely on data that is four days to a week old.

Data analytics firm Virteous World surveyed 176 CEOs at financial services companies, including commercial, investment and retail banks in Australia, New Zealand, Hong Kong, Malaysia and in Singapore.

InterSystems’ global head of financial services, Ann Kuelzow, explains that the financial services industry handles and processes large amounts of data on a daily basis.

“It’s the lifeblood of organizations and it’s key to everything from Business 360 and Customer 360 compliance, enabling them to deliver the products and experiences their customers need,” she says.

“Therefore, it is essential that they find ways to overcome the challenges they face in accessing, harmonizing and analyzing data so that they can use it more effectively to move their organizations forward.”

Other key findings for A/NZ financial organizations include that:

  • 45% cannot report all the relevant data and therefore have to make assumptions and summarize the data.
  • 27% cannot get data from all necessary sources, with 29% having delayed access to data.
  • All A/NZ organizations report that there are data and application silos within their businesses, but only 18% will prioritize eliminating data silos over the next 12 months.
  • 52% say they have mastered data management and 48% say access to real-time data across the enterprise is among their top technology priorities for the next 12 months.
  • 80% would consider implementing a data structure to simplify access to distributed data.

Massive amounts of data, combined with insights across multiple applications and data silos, create additional challenges for finance organizations as they attempt to track every customer interaction or gain near real-time visibility, according to InterSystems. commercial activities.

The report says that making sense of all this data usually requires significant investment.

He says that as the data bank grows, financial organizations find it increasingly difficult to track and anticipate customer interactions, which impacts the overall customer experience and creates challenges. when it comes to attracting, retaining and growing customer accounts. It also has an impact on employee engagement and retention.

InterSystems warns that if left unaddressed, the current data challenges faced by financial services companies across ANZ, as well as globally, will have a significant impact on their ability to achieve their business goals.

However, the company acknowledges that the survey shows that addressing these issues is a priority for the majority of businesses for the coming year.

InterSystems says breaking down silos within financial services environments will be key to ensuring that data can be used consistently across the enterprise.

He says that by implementing modern data management technologies, financial services firms get a consistent, real-time view of data from different sources, giving business leaders a more complete view of the organization.