Security News > 2021 > October > Finance data management initiatives constrained by lack of digital skills and maturity

Data management initiatives in the finance sector, such as data collection, integration, and automation, are being constrained by a severe lack of digital skills and maturity.

64% of technical decision makers feel their organizations lack the skilled technical resources to integrate external data into core platforms, and, 57% believe they are only at a foundational level of digital maturity.

Financial leaders are aware of the importance of an effective data strategy, and 80% admitted that they would be able to improve customer experience when data integration challenges are overcome, 62% said employee satisfaction increases with effective data integration as the work becomes more rewarding, and 42% said that operation costs would decrease.

68% revealed plans to improve data driven customer insights, 57% plan to ingest additional external data sources and 54% are looking to centralise data management.

Financial institutions are operating in a complex, data hungry environment, and have fallen behind when it comes to automation and data integration practices, despite industry-wide recognition of the merits associated with an effective data strategy.

"As organizations look to integrate even more external data sources into decision making processes, and manage an increasingly disparate workforce of employees based in different locations or even countries, efficient data management, enabled by cutting edge technology will no longer be just a recommendation, but an absolute necessity."

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