31 July 2016
Find out more

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

24 October 2012  |  9139 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  |  5913 views  |  1 comments
Despite uncertainty, banks prepare for new regulation

Despite uncertainty, banks prepare for new regulation

03 June 2011  |  7839 views  |  0 comments
Financial industry loosens purse strings for data management projects

Financial industry loosens purse strings for data management projects

16 September 2010  |  9797 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  |  6018 views  |  1 comments

Related company news

 
Visit VocaLink.comVisit www.abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8751 views comments | 38 tweets | 56 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7247 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6938 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyWhat is FinTech and where does it Live?
6125 views 0 | 14 tweets | 4 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job