GoldenSource: Enterprises Are Misunderstanding Data Usage

GoldenSource: Enterprises Are Misunderstanding Data Usage
28.10.2016 12:15 pm

GoldenSource: Enterprises Are Misunderstanding Data Usage


A failure to grasp how data is used across the business is one of the most common barriers facing large enterprises today, according to a new whitepaper published by GoldenSource.

The paper, which explores what causes firms to mismanage entity data, also cites breakdowns in internal communication and increasing regulatory demands as major barriers. Not knowing why successive projects can exacerbate this issue through their impact on data landscapes or how to handle new ideas from the business about how to handle client data correctly, are other key challenges highlighted. A common problem many organisations wrestle with is different internal views on the best internal architecture or third party vendor systems to adopt in order to manage their data. 

Tom Stock, Head of the Product Management function at GoldenSource said: “Financial institutions that can’t clear their own internal quagmires can’t stay ahead of regulatory requirements and meet the demands for cost efficiencies and new business opportunities. Unfortunately, disparate data management systems continue to be an inherent factor within organisations that can only focus on solving immediate problems.” 

FinReg consultant Jonathan Poole, who authored the GoldenSource whitepaper, added: “Large businesses that consistently fail to manage entity data unnecessarily incur operational headaches and miss opportunities to gain competitive advantage. C-level execs know poor entity data management leads to negative customer reactions, increased costs and regulatory reporting errors, but can’t break free of their own complex processes and fragmented internal operations.”

The full whitepaper, titled the “Complex Client Structures and Fragmented Systems Landscapes” is available at

Related News

Saxo Bank announces white label partnerships with five Danish banks

Saxo Bank and five Danish SDC member banks (Sparekassen Vendsyssel, Sparekassen Thy, Middelfart Sparekasse, Frøs Sparekasse and Jutlander Bank... Read more »

Data-driven Business Operations are a Multi-year Plan for Two-thirds of Finance Professionals

Data-driven business operations are a multi-year plan for two-thirds of finance professionals (66%). Only 7% think their own organisation is already data-driven, while 14%... Read more »

Salt Edge’s data aggregation helps Zeeco calculate carbon emissions

Zeeco, a New Zealand fintech, teamed up with Salt Edge, a leader in offering open banking solutions, to access users’ bank data and automate... Read more »

High-speed, high-volume data transfer facilitated by 5G will enhance industrial operations in connected factories

Frost & Sullivan’s recent analysis, Role of 5G Communication Revolutionising Industrial Internet of Things, finds that the... Read more »

Forecast by Robocash Group: 5G will boost financial inclusion in emerging markets in Asia

Driving improvements in the digital space, 5G has accelerated financial inclusion in emerging markets in Asia. Analysts of the financial holding ... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel