Recent economic events have created new challenges within the financial services sector. Financial services companies are now, more than ever, facing immense, constant and unyielding pressure to make better decisions across every department and customer touch point. The organization’s data powers every business decision: due diligence on loan applications, evaluating high-value customers and government-mandated regulation and reporting.

Good data should be considered the lifeblood of any organization. If correctly managed, it will not only help companies comply with legislation, it will also deliver fundamental business value through operational efficiencies, cost savings, improved customer service and, ultimately, a competitive advantage. To survive and thrive, the financial industry must have the right processes in place to ensure that their data is accurate.

In the summer of 2009, DataFlux conducted a survey to understand data management trends in the financial services industry. The research had several goals:

• Benchmark the approach the industry is taking towards its data
• Understand the breadth and depth of data governance in this sector
• Discover what motivates data management strategies
• Determine what kind of rules the industry thinks should be introduced in the future to promote success in this sector

The statistics referenced in this white paper were gathered from an online survey that was administered by Lodestar Research, a third-party research firm. The survey was offered via email to readers of five leading financial industry publications. Almost 300 individuals responded to the 24-question survey, from various departments and levels of seniority.

Data quality and data governance: on the boardroom agenda

Organizations have long viewed tangible items such as buildings, products and people as “assets.” It is easy to calculate the value of a building and see how facility improvements or a lack of care can increase or decrease the value. The products on the shelves or the people working inside that building all bring revenue, so these items often have an assigned value within the company. However, data hasn’t always been seen in the same light, but this seems to be changing. The survey reveals that financial services companies are at the forefront of the movement to accentuate the value of data.