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Financial services industry hindered by a lack of data skills, research finds

Monday 15 April 2019 | 01:13 PM CET

Almost 40% of businesses in the financial services industry (FSI) are currently failing to implement data initiatives due to a lack of employee skills, analytic database company Exasol has found.

The research asked enterprises about the importance of data to their business, the strategies they are looking to implement in future, and the barriers to achieving their goals for data and analytics.

There are worrying signs for progress and development of data-driven initiatives in the FI sector. Despite the importance of data to financial organisations, and their ambitions for analytics, organisations are struggling with data quality and location: 46% stated they are struggling with poor data quality, 32% stated they are struggling with siloed data and over one third of businesses are not confident that they know where all their critical data is located – a breach of GDPR.

Yet, 75% of FI businesses state that operations and decision making would be severely disrupted on a day-to-day basis if they did not have access to data. Moreover, 88% of FI businesses said they have a strategy to reposition data analytics at the heart of their business within the next three years.

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