Chief data officers in financial services spend almost half their time tackling siloed data environments
Survey of 100 chief data officers from buy-side and sell-side organisations finds increasing number of firms are facing data challenges.
WINDSOR, UK., 12th October, 2022 – For 47% of CDOs, tackling challenges relating to siloed data environments is taking up 25-50% of their time, with nearly a quarter (23%) using as much as 75% of their time locating the right data across multiple data sources, according to new research launched ahead of the leading data management event for financial services, FIMA.
The survey, conducted by WBR Insights, the custom research arm of Worldwide Business Research, and sponsored by InterSystems, a creative data technology provider dedicated to helping customers solve the most critical scalability, interoperability, and speed problems, found that this untimely access to data and complex architectures are stretching the IT resources within the organisation for a third (30%) of respondents. Nearly a quarter (23%) say this then forces them to make decisions based on old data, with a loss of revenue as an unwelcome consequence (20%).
Among other key insights from the report, researchers learned the following:
- 27% identify security gaps as one of the biggest issues they face as a result of delayed access to their data.
- 45% of CDOs said they spend up to 23 hours validating the lineage of data used in business decisions. A fifth admit they devote as much as five days to the task.
- 43% of CDOs see real-time access to data as the top benefit of simplifying existing data architectures, while 28% see reducing their operational costs as the top benefit
The study also found that while over half (58%) of respondents say having access to real-time data is important, another 32% believe that such access is only slightly important, or don’t consider it a priority.
Joe Lichtenberg, Global Head of Product and Industry Marketing, InterSystems added: “It’s evident that financial services firms want to make faster and more informed decisions based on data they trust, and data that is clean and quickly accessible. Real-time data access will give them the power to make more informed, timely and accurate decisions by understanding volatile demand in the moment. It will also give them a 360-degree view of customer and the business and open up a wide range of prescriptive and predictive analytics, reducing risk and increasing resilience.
“However, it is apparent many are currently inhibited by overly complex data architecture and the persistence of silos. Financial firms must simplify their architectures and prioritise real-time data, using approaches such as the smart data fabric. This will enable them to overcome the major challenges outlined in this research, reducing the strain on IT resources and the loss of revenue.”
Financial data leaders interested in learning more about how they can democratise enterprise data can
download the report here or visit the InterSystems stand at FIMA Europe on 16-17th November, London.