# Tackling the complexity of data within financial organisations
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-29
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Unlocking Insights in Financial Services: Overcoming Data
Meta Description: Discover how financial institutions can harness the power of data analytics to drive informed decision-making and improve user experiences.
URL: https://financedigest.com/tackling-the-complexity-of-data-within-financial-organisationshtml

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_By **Joe Steadman,** Regional Director, EMEA at_ [_Matillion_](https://www.matillion.com/resources/blog/create-data-driven-organizations-with-a-good-data-culture)

Financial institutions, whether oriented towards corporates or individuals, arguably have more customer data at their fingertips than any other type of organisation. That much we know thanks to the rise of fintech, which has transformed the industry by making banking in particular far more accessible to the average consumer.

But we know unlocking insights from this goldmine is often a major obstacle. With [73% of financial services firms](https://www.cityam.com/city-banks-and-financial-services-firms-bet-heavily-on-tech-and-data-analytics/) in the UK planning to invest in “better data analytics to enable more informed decisions” in the next 12 months, it is crucial to have the right building blocks in place to enable this.

Every [financial services](https://www.financedigest.com/how-green-are-your-investments-why-esg-data-integration-is-key-for-financial-services-firms.html "“How green are your investments?” – Why ESG data integration is key for financial services firms") organisation has had to rethink its market position to deal with the impact of the Coronavirus crisis, and how it has reshaped its business model. Nonetheless, [digital transformation](https://www.financedigest.com/5-key-takeaways-from-the-finance-sectors-digital-transformation-revolution.html "5 Key Takeaways From the Finance Sector’s Digital Transformation Revolution") strategies that may have been hovering in the background are suddenly top of the business agenda.

**_Becoming analytics-ready_**

The access to, validity of, interpretation of and insights from [data are the keys to digital](https://www.financedigest.com/why-data-is-the-best-weapon-in-the-war-for-digital-talent.html "Why data is the best weapon in the war for digital talent") transformation success, and delivering a better user experience in the so-called “phygital” hybrid reality. However, the skills required to unlock the [value of data](https://www.financedigest.com/keeping-data-connected-for-greater-business-value.html "Keeping Data Connected for Greater Business Value") are hard to come by right now, in one of the most challenging recruitment phases we’ve ever known. In fact, according to DCMS [research](https://www.research-live.com/article/features/filling-the-gap-boosting-data-skills/id/5097202), almost half of businesses (46%) said they struggled to recruit for roles requiring data skills. Add to that the fact that [financial services](https://www.financedigest.com/4-ways-high-performance-analytics-powers-financial-services.html "4 ways high-performance analytics powers financial services") organisations are grappling with legacy technology and scalability challenges in their transition to the cloud, and you quickly see why they’re often restricted in what they can do with the data they have.

So how do we [keep pace with the complexity and volume of data](https://www.financedigest.com/auditing-in-cyber-how-organisations-can-keep-track-of-their-data.html "AUDITING IN CYBER: HOW ORGANISATIONS CAN KEEP TRACK OF THEIR DATA") and empower data teams to make it easier for all areas of the business to tap into data-driven insights? Liberate it from being the reserve of small, centralised [data teams](https://www.financedigest.com/why-finance-teams-need-to-go-beyond-numbers-to-an-active-relationship-with-data.html "Why finance teams need to go beyond numbers to an active relationship with data "), who themselves are already overloaded and hit by the continuing war for talent?

- **Democratise the data**– [Organisations](https://www.financedigest.com/avoiding-a-big-data-car-crash-how-to-organise-your-data-to-detect-fraudulent-claims.html "Avoiding a big data car crash: How to organise your data to detect fraudulent claims") should democratise data and enable the wider workforce to glean insights directly. [Data silos will no longer cut it in financial](https://www.financedigest.com/data-centres-and-the-changing-financial-trading-landscape.html "Data centres and the changing financial trading landscape") services, with businesses increasingly using analytics to inform decision-making on anything from compliance to customer experience. It is imperative that every business unit [realises the value](https://www.financedigest.com/2021-predictions-realising-the-value-of-payments-transformation.html "2021 Predictions: Realising the Value of Payments Transformation") of the data that both it and the wider business generates.

What this means in practice is using tools that don’t require bespoke coding, and instead enable [businesses to access their data](https://www.financedigest.com/5-simple-ways-to-prevent-a-data-breach-from-putting-your-accountancy-practice-out-of-business.html "5 Simple ways to prevent a data breach from putting your accountancy practice out of business") wherever it lives, run analytics locally and reveal genuine insights, in real-time.  By extracting, transforming and loading data in the cloud, agile [financial services businesses can convert raw data](https://www.financedigest.com/how-can-financial-institutions-make-the-most-of-data-for-their-business.html "HOW CAN FINANCIAL INSTITUTIONS MAKE THE MOST OF DATA FOR THEIR BUSINESS?   ") into actionable, analytics-ready data in minutes for new insights and better business decisions.

- **Improve team productivity** [– All too often talented data](https://www.financedigest.com/the-benefits-of-big-data-how-to-convince-your-cfo.html "THE BENEFITS OF BIG DATA – HOW TO CONVINCE YOUR CFO") teams are bogged down with slow data migration and maintenance. Our [recent research](https://www.google.com/url?q=http://www.prnewswire.com/news-releases/matillion-study-highlights-business-cost-of-outdated-data-management-301425411.html&sa=D&source=docs&ust=1652353764441338&usg=AOvVaw1baYJUl7VU-oCpcbgmJyxa) revealed that two-thirds (66%) of data professionals believed their organisation was wasting too much time on data preparation.

However, manual integration is increasingly becoming a thing of the past, giving [way to more automation](https://www.financedigest.com/10-ways-automation-has-changed-the-role-of-the-cfo.html "10 ways automation has changed the role of the CFO") and low-code/no-code tools that take away a lot of this pain. They’re making it easier for less technical [business users to easily analyse data sets](https://www.financedigest.com/finalised-pan-european-data-protection-laws-set-the-new-standard-for-a-privacy-friendly-business-environment.html "Finalised Pan-European data protection laws set the new standard for a ‘privacy-friendly’ business environment"), and freeing up valuable time for skilled data engineers to invest in more technically challenging and value-adding tasks,  and taking full advantage of what the cloud has to offer.

- [Avoid information gaps –](https://www.financedigest.com/top-ten-biggest-mistakes-by-novice-investors-and-how-to-avoid-them.html "TOP TEN BIGGEST MISTAKES BY NOVICE INVESTORS – AND HOW TO AVOID THEM") In our aforementioned survey, nearly 40% of data teams admitted they don’t fully understand how data is being used in their organisations. On top of that, a further 44% are concerned about the [challenge presented by the diversity in the types of data](https://www.financedigest.com/new-gleif-challenge-facility-extends-ability-to-trigger-updates-of-legal-entity-identifier-data-to-all-interested-parties.html "New GLEIF Challenge Facility Extends Ability to Trigger Updates of Legal Entity Identifier Data to All Interested Parties") they work with. All of which suggests certain data types are being left behind in many organisations, leaving new, [growing information gaps in their data strategies](https://www.financedigest.com/4-strategies-for-quickly-growing-your-startup.html "4 Strategies for Quickly Growing Your Startup").

Cloud [data and IoT data were noted as the most commonly unavailable or unsuitable sources for business](https://www.financedigest.com/big-data-lowers-insurance-premiums-and-optimises-business-performance.html "Big Data Lowers Insurance Premiums and Optimises Business Performance") intelligence and analytics. Cloud-native solutions like [data lakes or lakehouses take on great importance](https://www.financedigest.com/leaders-recognise-the-importance-of-green-transport-at-cop27-but-we-need-data.html "Leaders recognise the importance of green transport at COP27, but we need data") here, by providing a centralised repository for businesses to collect and store data of any scale and format. When managed correctly, such data stores promise to help create a consolidated, single source of data truth, making it easier to govern, [manage and transform](https://www.financedigest.com/managing-the-cost-of-digital-transformation-with-saas-optimisation.html "Managing the Cost of Digital Transformation with SaaS Optimisation") into an analytics-ready state.

**[Unlocking data for the benefit](https://www.financedigest.com/unlocking-the-code-how-to-benefit-from-low-code-platforms.html "Unlocking the code – How to benefit from low code platforms") of the business**

In a landscape permanently adjusted by Covid, [financial organisations have a vast amount of data](https://www.financedigest.com/the-financial-sector-must-act-to-tackle-internal-data-security.html "THE FINANCIAL SECTOR MUST ACT TO TACKLE INTERNAL DATA SECURITY") at their disposal, presenting an unprecedented opportunity. Capitalising on this can put them in the strongest position possible, unlocking more informed, real-time decision making across all areas of the business.

Having a holistic, cross-departmental [data strategy is the first step](https://www.financedigest.com/10-steps-to-stop-lateral-movement-in-data-breaches.html "10 Steps to Stop Lateral Movement in Data Breaches"), as too often data is siloed, mismanaged or incomplete. Putting the right tools and considered processes in place is a key part of achieving that, and will go a long way towards democratising data for the benefit of all employees. Now is the moment to  complete a major piece of the digital transformation puzzle and accelerate the modern [data journey of financial services](https://www.financedigest.com/how-big-data-is-sending-shockwaves-through-the-financial-services-sector.html "How big data is sending shockwaves through the financial services sector") organisations all over the world. Don’t let yours be [left behind](https://www.financedigest.com/click-and-collect-or-get-left-behind.html "Click and Collect or get left behind").


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