Over one quarter (27%) of financial firms cite data management tools as a priority investment, along with artificial intelligence and automation (23%), according to a new survey by Broadridge Financial Solutions.
The research polled 200 financial services professionals in May 2022.
Broadridge found that as many as 98% of respondents said they currently invest in their front-to-back-office workflow management, with 13% prioritizing investment in human capital, 10% in cloud-native capabilities for uniformity, and 8% in blockchain technologies to improve overall efficiencies.
Though optimizing and contextualizing data can lead to better data management and streamline internal workflows, the research found 94% of firms face challenges around effective data use. 27% of respondents said they were challenged by legacy or outdated technology, while 23% reported they struggled with poor data quality.
After “The Great Resignation,” the phenomenon that has seen industry participants leave their jobs in droves, it comes as no surprise that financial firms are also having a hard time finding the human capital to effectively leverage data, said Broadridge.
The technology provider found that nearly one-fifth (19%) of industry participants are currently experiencing an inability to quickly test, onboard, validate or maintain datasets.
More than half of the attendees (57%) confirmed their firms still have progress to make before they reach the advanced stages of their innovation and technology efforts.