EU Financial Firms: Over a Third Rely on Outdated Data. 70% Consider Data Fabric to Boost Productivity. InterSystems’ Survey Finds 92% of Respondents Use Data More Than an Hour Old; 39% Rely on Data Over 4 Days Old, Affecting Their Bottom Line.
More than one-third of EU financial services firms base their decisions on outdated information, and 70% of organizations are thinking about implementing a data fabric to make data access easier and boost productivity.
35 percent of financial services organizations in Europe base crucial business choices on assumptions rather than real-time facts, which might cause them to fall behind the competition.
This is supported by a recent InterSystems poll of over 200 top leaders from EU financial services companies.
According to the survey’s results, 92% of respondents currently rely on data that is more than an hour old, with 39% utilizing data that is more than four days old.
It’s possible that their propensity to employ dated data is having an effect on their bottom line.
According to the responses to the poll, there is a significant correlation between the data silos and the rising demand for IT systems to help manage problems in other parts of the organization. This data delay is a result of both.
Ad-hoc queries are constantly coming in to keep up with the fluctuating market fluctuations and client demands, which strains the performance of IT systems and causes delays.
43 % of respondents also stated that their access to the data is slowed down by having between 25 and 100 data and application silos.
Additionally, these difficulties will have a variety of far-reaching effects, such as:
- 35% of respondents currently report difficulty acquiring a 360-degree perspective of consumers to enable the delivery of individualized services.
- A restricted digital offering was cited by 23% of respondents as their largest hurdle to retaining customers.
- 20 percent of respondents mentioned failing to spot a problem in time for corrective action to be taken.
- the inability of 19% of respondents to innovate and create new applications due to a lack of data.
The power of instantaneous
InterSystems Manager of EMEA Financial Services Tim FitzGerald emphasizes data difficulties in European financial firms. Risk management, market volatility, and high-value customer service require precise, real-time judgments. More than half of businesses in the industry seek to achieve a 360-degree, real-time view of their data this year. Such an achievement can help firms lower churn, increase alpha, and lower risk. Additionally, analytics can be used to predict outcomes to advance the business.
FitzGerald suggests using a smart data fabric solution to meet these demands. This cutting-edge architectural strategy retrieves and harmonizes data from existing systems and silos inside and outside the organization on demand. This system analyzes transactional data and real-time events and ensures accuracy. With this, financial services companies can make choices in real-time, giving them a competitive advantage.