Just 22 percent of executives working at pension funds describe the organisations they work for as data innovators, defined as meaning they have advanced data expertise and infrastructure, according to new research.
The survey of pension fund executives found 38 per cent see themselves as data movers – defined as being on their way to developing better data capabilities – while 41 percent describe themselves as data starters, working in organisations at the early stages of their development. Meanwhile 48 per cent of UK respondents believe the institutions they represent see investment data and analytics as their most important strategic issue, compared to 34 per cent globally.
The top two factors driving change around how UK investment companies will manage investment data over the next three years are increased demand from regulators, the key factor for 33 per cent of UK respondents, and competitive pressure, also the top issue for 33 per cent, with 55 per cent of UK respondents expecting regulatory reporting requirements to increase over the next three years, according to the research which was carried out by State Street.
Tech UK head of the financial services and payments programme Lisa Moyle says: “Some of the key findings in today’s research certainly resonate with what we have been seeing across financial services; such as the drag of legacy systems and the impact that has on the ability to both access data and maximise its value. This has a significant impact on a firm’s ability to compete by using data to make regulatory compliance and reporting more efficient and transparent. At techUK, we see also see the need to ensure a sufficient pool of talent as crucial not just in financial services but across the technology sector.”