29 June 2017
visit www.finastra.com

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

24 October 2012  |  9305 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)

Finextra news in your inbox

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

Related stories

Commerzbank and Capco bid to model IT complexity

Commerzbank and Capco bid to model IT complexity

24 January 2012  |  6215 views  |  1 comments
Despite uncertainty, banks prepare for new regulation

Despite uncertainty, banks prepare for new regulation

03 June 2011  |  8086 views  |  0 comments
Financial industry loosens purse strings for data management projects

Financial industry loosens purse strings for data management projects

16 September 2010  |  10044 views  |  0 comments
FSA fast payout rules signal data management challenge for banks

FSA fast payout rules signal data management challenge for banks

06 November 2009  |  6191 views  |  1 comments

Related company news

 
visit www.response.ncr.comvisit wavestone-advisors.co.ukvisit www.www.fisglobal.com

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9499 views comments | 19 tweets | 38 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
9187 views comments | 10 tweets | 6 linkedin
HSBC hires Biggs to lead business model innovationHSBC hires Biggs to lead business model in...
8949 views comments | 16 tweets | 17 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7777 views comments | 6 tweets | 6 linkedin
Body blow for PayKey as Apple orders Westpac off its turfBody blow for PayKey as Apple orders Westp...
7359 views comments | 12 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job