The Top Data and Technology Challenges in Financial Services Across Asia Pacific
A Survey of 176 Line of Business Leaders
To understand the most prominent technology and data challenges organisations face nowadays, InterSystems surveyed 554 global financial services business leaders, 176 of them operating in the APAC (Asia Pacific) region across ANZ (Australia and New Zealand) and Asia (Hong Kong, Malaysia, and Singapore). The survey also sought their organisational initiatives and priorities with regards to their data for the next 12 months, as well as their views on working together with fintech companies.
Some of the important features from the survey include:
- 87% of financial services organisations across APAC experience frustrations and concerns in using their data to drive decision-making.
- Only 3% of data used to make business decisions is less than one hour old.
- The highest technology priority is gaining access to real-time data from across the business for improved operational efficiencies.
- 79% of financial services business leaders would consider implementing a data fabric to simplify access to distributed data.
With the increasing competition in the market, financial services organisations are working hard to give the best value to their customers, improve risk management, and respond promptly to the growing needs of the business.
Effective solutions would include:
- Achieving a stable, precise, and real-time view of their data.
The solutions would also help them in all aspects of their business including:
- Improved reporting of enterprise risk.
- A better understanding of cash flow.
- Enhanced competence with regards to regulatory compliance.
- Bigger view of their customer journey and institutional client activities.