Having an effective data strategy is important to financial leaders, with 80% saying they would be able to improve customer service by overcoming the challenges of integrating external data into core platforms, according to a report released by regtech firm Encompass.
The survey of 100 technical-decision makers in finance from North America, Europe, the Middle East and Africa also found that 42% believe effective data integration can reduce operational costs. Sixty-two percent responded that employee satisfaction increases with effective data integration as the work becomes more rewarding.
However, about 64% of respondents said they feel their organizations lack the skilled technical resources to integrate external data into core platforms. The study found that 18% of financial institutions have successfully combined automated and manual data processes, while 56% have not fully automated their decision-making processes by consolidating internal and external data sources.