One small international survey showed this to be a problem, with 87% of those in APAC citing data-driven decision-making frustrations
In a survey of 554 business leaders within financial services companies including commercial, investment and retail banks across Australia, New Zealand, Hong Kong, Malaysia, and Singapore; plus the US and Europe, 98% of respondents indicated the presence of data and application silos within their organization.
Among respondents in the APAC region’s financial services, 87% indicated experiencing frustration in trying to use data to drive decision-making.
Other major findings include:
- 36% of respondents citing the inability to report on all relevant data; not being able to get the data from all the needed sources (35%); and delayed access to data (34%).
- 54% of APAC respondents cited mastering data management as their highest tech priorities for the next 12 months, compared to replacing legacy systems (49%) and gaining access to real-time data to improve decision-making (48%).
- 60% of respondents indicated that they were keeping pace with the rest of the industry in data management, while 46% indicated their organisations had a range of one to 24 data and applications silos; 33% indicated that the data used for decision-making was at least one to three days old.
- 79% of APAC respondents indicated they would consider prompts to implement data fabrics to address data silo issues and getting up-to-date data after learning about such an approach
According to Kenneth Kuek, Country Lead, InterSystems, which commissioned the survey: “Overcoming their data management challenges will be the key to financial services providers’ success in the coming years. The challenges largely stem from overly complex data infrastructures, implemented with a disjointed set of technologies and applications. This leads to silos that make it difficult to obtain information and insights in a timely manner, and in a way that is easy to interpret and share.”
Kuek added that the volatile economy in the region and rapidly shifting global trends mean that business leaders have to ensure that the data they gather is accurate, and that teams are able to make sense of it and turn it into innovative yet practical solutions.