The biggest data and technology challenges for Australian and New Zealand financial firms uncovered

The biggest data and technology challenges for Australian and New Zealand financial firms uncovered

By InterSystems

To make the most informed decisions and seize new opportunities, your financial organisation relies on real-time data. However, 88% of Australian and New Zealand (ANZ) financial firms, cannot base decisions on data that is less than one day old. This means they’re relying on data that could be out of date and no longer relevant, putting the quality of decision-making at risk.

InterSystems surveyed leaders of financial services companies including commercial, investment, and retail banks across ANZ. The findings from this report, titled The top data and technology challenges in financial services across Asia Pacific, pinpoint key data and technology challenges for financial services in the region.

Some of the findings we uncovered from ANZ banking leaders include:

  • 88% of financial services organisations cannot base decisions on near-real-time information less than one day old, with 38% making decisions based on data that is between one and three days old
  • 87% experience frustrations and concerns in using their data to drive decision-making
  • all ANZ organisations report that there are data and application siloes within their firms; however, only 18% will prioritise eliminating data siloes within the next 12 months
  • 52% cite mastering data management and 48% cite gaining access to real-time data across the business among their highest technology priorities for the next 12 months
  • 36% view improving operational efficiencies as a top initiative for which they require real-time access to distributed data, followed by making strategic decisions (30%), meeting regulatory compliance faster to carry out more value-added incentives (30%), and improving business management reporting (30%)
  • 34% of ANZ organisations find it difficult to gain a 360-degree view of customers to deliver personalised services, and 14% lack the confidence that their organisation has a real-time understanding of enterprise level risk
  • 80% would consider implementing a data fabric to simplify access to distributed data.

The report also identified that, when it comes to making informed decisions, 45% of firms could not report on all relevant data, instead having to make assumptions and summarise the data. Delayed access to data was an issue for 29% of firms, and 27% could not obtain data from all the sources needed.

Tracking data and information distributed across the organisation in applications and siloes can be almost impossible, as the sheer volume of customer and business data generated daily increases.

InterSystems can help your firm to implement an organised, centralised data management infrastructure to break down information siloes. Your firm can gain a real-time, consistent view of data from different sources, giving your business leaders a more comprehensive view of the organisation.