Majority of banks experience frustration in using data for decision-making
Some 87% of Australia and New Zealand banks experience frustrations in using their data to drive decision-making, according to a new report.
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InterSystems’ new report found that 88% of Australia/New Zealand businesses can’t base decisions on information less than a day old, while 38% of Australia/NZ financial services are making decisions based on one- to three-day-old data, while a further 13% are relying on data that is four days to a week old.
Ann Kuelzow, InterSystems global head of financial services, said massive amounts of data are handled and processed by the financial services sector daily.
“It is the lifeblood of organisations and is key to everything from compliance to business 360 and customer 360, which enables them to deliver the products and experiences their customers need,” Kuelzow told IT Brief. “Therefore, it’s vital that they find ways to overcome the challenges they are experiencing in accessing, harmonising, and analysing data to be able to use it more effectively to drive their organisations forward.”
Key findings also revealed that 45% of Australia/NZ financial organisations cannot report on all relevant data and therefore have to make assumptions and summarise the data, while 27% cannot get the data from all the needed sources, with 29% having delayed access to data.
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Meanwhile, all Australia/NZ organisations reported the existence of data and application silos within their firms, but only 18% said they will prioritise eliminating data silos within the next 12 months.
Of those surveyed, 52% said mastering data management is part of their highest technology priorities for the next 12 months, while 48% cited gaining access to real-time data across the business.
The survey also found that 80% would consider implementing a data fabric to simplify access to distributed data, IT Brief reported.
