In an environment where financial institutions are facing the regulatory need for increased transparency alongside a continued increase in data volume and velocity, the “ability to leverage data to analyze product and customer profitability, market opportunity and product suitability is critical to survival and success – and the time horizon for this data-centric reckoning is surprisingly short.” This is according to new research conducted by Adox Research Ltd. and commissioned by Gresham Technologies plc. The resulting research paper, entitled Fast and Open Data: Who, Why, How?, highlights a number of key findings:
- Two thirds of respondents expect data monetization to deliver between 10-40% of new business growth over 2 years.
- 49% of financial institutions are already re-purposing compliance deliverables for strategic transformation.
- Traditional banks are identified by respondents as the single largest beneficiary (40%) of transparency and open data initiatives.
- Customer centricity and improved decision-making support are the top two business drivers for investing in data quality and control.
The report also examines the barriers to investment in data control, especially the need to manage the regulatory compliance burden and the complexity of legacy technology and integration. At the same time, there are significant examples of how innovative firms are leveraging compliance projects to solve the long-standing problem of data quality and control.