FINANCIAL SERVICE PROVIDERS ARE MISSING OPPORTUNITIES IN DATA MANAGEMENT
Amsterdam, June 29, 2023 –
ITDS Business Consultants conducted research on the level of data management in the financial sector. Today, the research has been published, revealing that despite data management becoming increasingly prevalent in the financial sector, there are still many untapped opportunities in this area.
WITH THE PARTICIPATION OF
More than 30 data experts from Dutch banks, insurers, and pension organizations participated in the study. The data management level of each organization was determined through an extensive questionnaire covering aspects such as processes, data methodologies, and objectives.
The research indicates that financial institutions primarily utilize data management to comply with laws and regulations and to improve data quality. Due to this limited scope, financial institutions are not fully capitalizing on the benefits of data. Ronald Baan, chairman of DAMA NL, also noticed this trend when presented with some remarkable research results.
Ronald Baan: “In other industries, companies engage in data management to drive innovation, but the financial sector is not quite there yet. They tend to be more conservative, mainly driven by mandatory transparency and regulations.”
DATA AS THE DRIVING FORCE
Through this research, ITDS aims to gain more insight into the developments of data management in Dutch banks, insurers, and pension organizations, and contribute to the financial sector’s ambition to use data management not just reactively but as an asset.
The research has been published both in print and online and can be downloaded here.
ITDS Business Consultants is a leading consulting firm for financial service providers with over 500 employees in the Netherlands and Poland. For more than twenty-five years, ITDS has been working on successful strategic projects for major Dutch and international insurers, banks, and pension funds. The organization sets itself apart from competitors by not only providing strategic advice but also taking responsibility for its implementation.