At a time of economic disruption and changing consumer expectations, financial services firms are looking to data-driven technologies and cloud-based applications to speed up time to market for new products and services to keep pace with the digital challengers.
But amid the rush to deliver more seamless, personalised customer experiences across digital channels, FS providers are encountering numerous challenges, with complex data architecture and legacy IT systems combining with compliance, privacy and security risks to slow down development cycles and ultimately impact the customer experience.
To assess these challenges and role of data access in digital transformation, FStech and MicroStrategy conducted an industry survey.
The results show that FS providers are well aware of the opportunities offered by data-driven technologies including AI, machine learning and advanced analytics.
However, data governance issues including access to disparate data sources, legacy technology and data transparency is proving a major problem, while data privacy and security risk are also emerging as key pain points on the journey to both data and cloud transformation.