# 88% of financial services firms in the UK are under pressure to make decisions faster
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-11-25
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Financial Services Data Literacy Survey Reveals Key Insights
Meta Description: Discover how FSI firms are adapting to new decision-making cycles post-pandemic, with Exasol's survey insights and success stories from industry leaders
URL: https://financedigest.com/88-of-financial-services-firms-in-the-uk-are-under-pressure-to-make-decisions-fasterhtml

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_79% of these organisations are not confident in their data literacy levels_

_72% of FSI firms agree shorter decision making cycles will be the new normal after the pandemic_

88% of financial services organisations have revealed they are under increasing pressure to make decisions faster as a result of the [COVID-19 pandemic](https://www.financedigest.com/uk-sees-biggest-rise-in-foreign-workers-since-covid-19-pandemic.html "UK sees biggest rise in foreign workers since COVID-19 pandemic"). Nearly three quarters (72%) agree that the shorter decision making cycles they are working to will become the new normal, according to a survey of data decision makers, commissioned by high-performance analytics database provider [Exasol](https://www.exasol.com/en/).

Whilst increased pressure to make decisions faster with existing data resources comes with its own set of infrastructure and strategy challenges, as outlined in the report “ [Financial Services: Decision making in times of uncertainty](https://www.exasol.com/resource/whitepaper-financial-services-how-to-accelerate-data-driven-decision-making/)”, most pressing and concerning is the fact that the majority of financial services organisations in the UK (79%) are not confident in their levels of data literacy.

One of the ways in which financial [services organisations respond to crises such as the ongoing COVID-19 pandemic](https://www.financedigest.com/condition-monitoring-service-market-buoyant-with-flourishing-power-generation-industry-adoption-exhibits-a-notable-decline-amid-covid-19-pandemic-fmi.html "Condition Monitoring Service Market Buoyant with Flourishing Power Generation Industry; Adoption Exhibits a Notable Decline Amid COVID-19 Pandemic: FMI") is by expanding the number of people with decision-making authority (39%). However, lack of self-service analytics (data democratisation) is hindering data-driven decision-making. When people aren’t confident in their data literacy skills, it is imperative that organisations make it as easy as possible for their [business units to consume the data in accessible ways](https://www.financedigest.com/five-ways-businesses-can-prepare-themselves-for-the-digital-economy-be-kaler-pilgrim.html "Five ways businesses can prepare themselves for the digital economy – Be Kaler Pilgrim").

“Thanks to Exasol we are a true data-driven [business](https://www.financedigest.com/being-nimble-and-responsive-in-banking-and-business-has-arrived-thanks-to-accounting-automation-technologies.html "Being Nimble and Responsive in Banking and Business Has Arrived, Thanks to Accounting Automation Technologies"). We wanted to ensure everyone has access to the data they need for their daily work. Not only that, but we wanted it to be available to them in a simple and efficient manner. We are proud to have achieved that,” said **Demeter Sztanzo, head of data engineering at** [**Revolut**](https://www.revolut.com/en-US). “Thanks to Exasol’s high-performance, we have [reduced the time it takes to crunch data across large](https://www.financedigest.com/white-bullets-piracy-demonetising-programmes-drastically-reduce-ad-revenues-to-piracy-websites-across-europe-analysis-finds.html "White Bullet’s piracy demonetising programmes drastically reduce ad revenues to piracy websites across Europe, analysis finds") datasets that span several sources. This means that queries and reports that used to take hours can be completed in seconds — [saving hours across every business](https://www.financedigest.com/how-cloud-computing-saves-businesses-money.html "How cloud computing saves businesses money") department. This enables us to make decisions faster, without sacrificing valuable data insights.”

Encouragingly, 88% of respondents to the [survey say](https://www.financedigest.com/vietnamese-are-tired-of-boring-ads-yougov-survey-says.html "Vietnamese are tired of boring ads, YouGov survey says") that action is being taken within their [organisations](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html) to improve levels of data literacy. This will be [crucial for any business](https://www.financedigest.com/asset-management-it-solution-market-asset-management-grow-crucial-for-various-organizations-to-evaluate-entire-business.html "Asset Management IT Solution Market – Asset Management Grow Crucial for Various Organizations to Evaluate Entire Business") looking to accelerate digital, something that has become more relevant than ever in the face of the ongoing crisis. In the financial [services sector](https://www.financedigest.com/protecting-the-uk-financial-services-sector-from-cyberattacks-now-and-in-2023.html "Protecting the UK financial services sector from cyberattacks now and in 2023"), an industry that is experiencing disruption from new, digital-native players, competitive advantage will hinge not only on infrastructure –an essential part of the equation– but on digital strategy and culture across the entire [organisation.](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html)

“The [financial services sector is one where data](https://www.financedigest.com/financial-services-firms-turn-to-big-data-intelligence-to-fight-fraudulent-activity-according-to-xerox-study.html "FINANCIAL SERVICES FIRMS TURN TO BIG DATA INTELLIGENCE TO FIGHT FRAUDULENT ACTIVITY ACCORDING TO XEROX STUDY") volumes are huge due to, amongst other things, the amount of touch-points per customer per day that the industry sees. As we move to a more [digital world](https://www.financedigest.com/six-reasons-why-digital-world-classtm-finance-organizations-outperform-peers.html "Six Reasons Why Digital World ClassTM Finance Organizations Outperform Peers") as part of the lasting legacy of COVID-19, this will expand even further. But financial [data](https://www.financedigest.com/whose-role-is-it-anyway-why-finance-underpins-data-led-digital-transformation.html "Whose role is it anyway? Why finance underpins data-led digital transformation") can be siloed and difficult to navigate, so defining a data analytics strategy is crucial. Good data governance and a single source of truth are key if FSI [organisations](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html) are going to adopt a business-wide data-driven culture where every employee is able to use data insights to make faster and better [informed business](https://www.financedigest.com/software-to-display-your-businesss-important-information.html "Software to Display Your Business’s Important Information") decisions,” comments **Helena Schwenk, Market Intelligence, at Exasol**.


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