Financial Services companies are creeping towards a Single Customer View of their data but there is still much work to be done, according to findings released today from a survey of data management experts.
Data silos still exist at 79% of the financial services companies responding to the survey, commissioned on behalf of data management consultancy Evaxyx, and 61% still cannot access a Single Customer View across their operations.
Worryingly, 42% of deposit-taking respondents also believed that they would fail to meet the Financial Service Authorityâs January 2011 deadline for a Single Customer View to be in place under the revised Financial Services Compensation Scheme.
The research underlined the extent of the challenge facing financial services companies with 48% of respondents saying that authority for the regulation of data in their company sat in multiple departments; and 31% of data experts saying there was âno clear governance model operating across their silo specific business unitsâ.
Commenting on the research findings, Evaxyx CEO Adam Prentis said: âThese are worrying results for the financial services industry. There is a clear commitment from the financial services industry to get its data house in order but there is still a mountain to climb for many of these
organisations. It is essential that companies quickly determine a strategy to deliver an effective Single Customer View and put the resources behind it to deliver. The FSA now has the power and support to back-up its rhetoric and in particular the deposit takers will be next in its sights.â
The research was carried out with 30 data management experts from some of the UKâs leading financial institutions.