Data management and AI automation tools top investment for financial firms, Broadridge survey finds
57% of respondents confirm that financial companies still have progress to make, before they reach the advanced stages of innovation and technology efforts
NEW YORK, July 21, 2022 /PRNewswire/ — Investing in technology to better optimize data and modernize data management are top priorities for financial services companies according to new research from global fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR). The research was compiled from a survey of 200 financial services professionals, conducted at the recent SIFMA operations conference in May 2022.
With up to 98% of companies surveyed investing in managing their front-to-back office workflow, more than a quarter (27%) of respondents cite data management tools as their top priority investment. company. In addition to data management, companies are also investing in AI and automation (23%), more human capital (13%), cloud-native capabilities (10%) for uniformity and blockchain technologies (8%) to improve overall efficiency.
“In today’s fast-paced world, an optimized workflow is crucial and good, clean data is essential,” said Vijay Mayadas, Chairman of Capital Markets at Broadridge. “And yet companies are drowning in the complexity of managing and simplifying data without the technology and digital infrastructure in place to support their management, stifling transparency, agility and growth.”
Unleash the value of data
Data optimization and contextualization can lead to better data management and streamline internal workflows. However, 94% of businesses face challenges in using data effectively. Legacy or outdated technologies stand out as the biggest obstacle facing businesses (27%), followed by poor data quality (23%).
After a year of job change and “the big quit,” it’s no surprise that companies are also struggling to find the human capital to effectively leverage data. Nearly a fifth (19%) say they experience an inability to test, integrate, validate or maintain datasets quickly.
Wall Street recognizes the need for an improved tech stack
The research revealed that more than half of the participants (57%) confirmed that their companies still have progress to make before reaching the advanced stages of their innovation and technology efforts.
“We’re hearing from customers and the survey results highlight how overwhelmed companies are with the amount of data and constrained in their use,” Mayadas said. “By evaluating their technology stack and partnering with trusted vendors, companies have the opportunity to maximize their data capacity and improve their workflow management.”
The survey of 200 financial services professionals was conducted at the 49th Annual SIFMA Operations Conference & Exhibition in Phoenix, Arizona on May 17-18, 2022.
Broadridge Financial Solutions (NYSE:BR), a global fintech leader with $5 billion in revenue, provides the critical infrastructure that powers investment, corporate governance and communications to improve financial lives. We provide technology-driven solutions that drive business transformation for banks, brokerages, asset and wealth managers, and public companies. Broadridge’s infrastructure serves as a global communications hub enabling corporate governance by connecting thousands of public companies and mutual funds to tens of millions of individual and institutional investors worldwide. Our technology and operational platforms underpin daily transactions in more than the United States 9 trillion dollars of equities, fixed income and other securities globally. A certified Great Place to Work®Broadridge is part of the S&P 500® Index, employing more than 13,000 people in 21 countries.
For more information about Broadridge, please visit www.broadridge.com.
W. Edings Thibault
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SOURCEBroadridge Financial Solutions, Inc.