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RESEARCH & RESOURCES

Research Shows Digital Transformation in Finance Curtailed By Inadequate Tech Skills

Most technical decision makers surveyed for a new report from Encompass Corporation believe their organization’s investment in data collection and optimization tools will increase.

Note: TDWI’s editors carefully choose press releases related to the data and analytics industry. We have edited and/or condensed this release to highlight key information but make no claims as to its accuracy.

Data management initiatives in the finance sector, such as data collection, integration, and automation, are being constrained by a severe lack of digital skills and maturity. So say about two-thirds of technical decision makers surveyed for a new report from Encompass Corporation, a provider of intelligently automated corporate know your customer (KYC) solutions.

The report, conducted via independent polling agency Pulse, analyzed responses from 100 technical decision makers across EMEA and North America.

Nearly two-thirds (64 percent) of technical decision makers feel their organizations lack the skilled technical resources necessary to integrate external data into core platforms, and the majority (57 percent) believe they are only at a foundational level of digital maturity. For comparison, only 16 percent rated their digital maturity as advanced, and 26 percent rated it as moderate.

As a result, just 18 percent of financial institutions have successfully combined automated and manual data processes, and 56 percent have yet to fully automate their decision-making processes by consolidating internal and external data sources.

However, financial leaders are aware of the importance of an effective data strategy, and 80 percent admitted that they would be able to improve customer experience when data integration challenges are overcome. Sixty-two percent said employee satisfaction increases with effective data integration as the work becomes more rewarding, and 42 percent said that operation costs would decrease.

The report also revealed that 89 percent of respondents believe that their organization’s investment in data collection and optimization tools will increase, and 74 percent even revealed that they already had plans to invest in data transformation over the next 12 months. Similarly, 68 percent revealed plans to improve data driven customer insights, 57 percent plan to ingest additional external data sources, and 54 percent are looking to centralize data management.

More information is available at https://www.encompasscorporation.com/.

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