09 February 2016

European FS industry not making most of customer data - Finextra survey

24 October 2012  |  9016 views  |  0 data with digital fingerprints

Customer data is still a misunderstood and underused asset at European financial institutions, seen by many as a purely compliance issue rather than a potential source of revenues, according to a Finextra survey commissioned by Capco.

Of 80 European financial executives quizzed by Finextra, nearly a quarter do not understand the impact of data management on a company's profit and losses.

Meanwhile, 42% of respondents admit they manage customer data as a regulatory compliance issue without considering its revenue potential.

The vast majority - 80% - are also failing to tap social media data, revealing that they have not yet fully explored its use or understood its value.

Capco says that the ways data are managed vary substantially from one institution to another and even within firms and that the industry needs a constructive, cross-organisational and practical approach to the issue.

Mark Record, Capco partner, says: "Looking ahead, strong and clear goals can be set in order to improve control and efficiency and enable the growth of measurable data value and competitive advantage. The challenges here are significant, but so are the opportunities."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related stories

04 July, 2012
24 January, 2012
03 June, 2011
16 September, 2010
06 November, 2009

Related company news

 

Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
11473 views comments | 51 tweets | 44 linkedin
Digital transformation driving earnings at...
9931 views comments | 47 tweets | 39 linkedin
Visa opens up to developers
8154 views comments | 23 tweets | 41 linkedin
ECB eyes up European P2P payments
8026 views comments | 29 tweets | 39 linkedin
It may take ten years, but blockchain tech...
6807 views comments | 21 tweets | 19 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits
London

Find your next job