EDM interviewed some 240 advisers, half of which (49%) said banks were the worst sector in financial services for managing and storing their information.
More than one in four (28%) of respondents said they were ‘concerned’ or ‘very concerned’ about the ability of financial services companies to manage and store the information they receive.
However, the investment sector was rated least worst at managing and storing information – only 6.4% ranked it more troublesome than banking, mortgages, general insurance and pensions/life insurance industries.
Sam Ferguson, CEO at EDM Group, said: “Our findings are alarming. Competition in the financial services sector is increasing and their customers are becoming more demanding in terms of the services and products they want. In meeting this challenge, financial services companies have to cope with a huge increase in the volume of information they receive, and how they receive it.
“Banks, asset managers and insurers need to become much more efficient in how they manage their information, but our survey suggests that in trying many will fail and increasingly break regulatory guidelines.”
Yesterday, two more were charged with conspiracy to defraud in the ongoing Libor investigation.
