Financial services executives 'drowning in data'

Nearly three quarters of global financial services executives have admitted they are challenged by the fractured nature and vast amount of data available. The Aite Group surveyed 682 marketing and risk executives at financial institutions across five countries during the third quarter, finding that in the UK alone, 71 per cent of executives said they were challenged by the immense amount of data they have. The study found that the proliferation of artificial intelligence (AI) and machine learning (ML) is expected to continue over the next 24 months, with 68 per cent of UK executives - and three in four globally - considering integrating new analytics technology into their platforms. "Most financial institutions lack a single, cohesive analytics platform," said Tiffani Montez, senior analyst at Aite Group. "Firms may have vastly different data repositories and teams managing analytics functions, often leading to multiple approaches - by line of business, role and channel - across their institutions.