NEWS24 February 2023

Lack of data skills across finance sector, study says


UK – More than a quarter of senior executives in the finance sector feel there is a lack of data skills in their organisation, according to research from data and analytics consultancy Cynozure.


The research also found that 31% of respondents felt there was a lack of data literacy across the wider organisation and 39% felt senior executives did not fully understand the value of data.

The findings are based on a survey carried out by Obsurvant between 18th and 22nd November 2022 involving 100 senior managers from both the UK and US.

In the UK, 52% of respondents said the lack of clarity on return on investment was the biggest barrier to improving the use of data internally, with 20% saying there were a lack of staff in the business who understand how to use data properly.

Three in 10 respondents in the UK added that senior leaders are not involved in data decisions, with 39% saying that the senior team did not fully understand the value of data.

Despite the shortcomings in data policy, 94% of respondents agreed that data insights are a vital way to support customers during the cost-of-living crisis.

Jason Foster, chief executive and founder at Cynozure, said: “Used correctly, data can bring a host of benefits to organisations in the financial services space, particularly at the moment when many people are looking for more personalised financial support to support them through the cost-of-living crisis.

“The findings of our research reveal a significant opportunity for financial services firms in the UK to revamp their data strategies and start benefiting from the expanse of insight that data can provide.”