Investing in technology to better optimise data and modernise data management are the top priorities for financial services firms according to new research by global Fintech leader, Broadridge Financial Solutions.
Investing in technology to better optimise data and modernise data management are the top priorities for financial services firms according to new research by global Fintech leader, Broadridge Financial Solutions.
The research was compiled from a survey of 200 financial services professionals, conducted at the recent SIFMA Operations Conference in May 2022.
With as many as 98% of respondents’ companies investing in their front-to-back-office workflow management, more than one-quarter (27%) of respondents cite data management tools as their firm’s priority investment. In addition to data management, firms are also investing in AI and automation (23%), more human capital (13%), cloud-native capabilities (10%) for uniformity, and blockchain technologies (8%) to improve overall efficiencies.
Optimising and contextualising data can lead to better data management and streamline internal workflows. However, 94% of firms are facing challenges around effective data use. Legacy or outdated technology stands out as the biggest hurdle that firms face (27%), followed by poor data quality (23%).
After a year of job-hopping and “The Great Resignation,” it comes as no surprise that firms are also having a hard time finding the human capital to effectively leverage data. Nearly one-fifth (19%) say they’re experiencing an inability to quickly test, onboard, validate or maintain datasets.
The research found that more than half of the attendees (57%) confirmed their firms still have progress to make before they reach the advanced stages of their innovation and technology efforts.
