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98% of APAC financial firms suffer data silos

A report released by US-based InterSystems showed that nearly all Asia Pacific financial services providers are suffering from data and application silos. A silo is where data or applicaitions held by one group is not easily or fully accessible by other groups in the same organization. The report, which was based on a survey in the region, also showed that 87% of respondents said they were frustrated from trying to use data to drive decision-making. Kenneth Kuek, InterSystems Singapore country lead said overcoming data management challenges will be the key to financial services providers’ success in the coming years. About 36 of the respondents said they were not able to report on all relevant data, while 35% were unable to obtain data from all required sources. About 34% suffered from delayed data access.

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