Oracle Financial Services Releases "European Confidence Report" Research
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Press release date: October 19, 2010
Reading, UK - October 19, 2010
o Research released today from Oracle shows that IT departments in financial institutions are unable to meet many key information demands, due to lack of access to the data or awareness of where it resides.
o The research provides key insights into the world of IT within Europe's Financial Institutions that sheds new light on the ongoing problem IT departments face every day with legacy systems and integration with the business.
o The study, entitled "The European Confidence Report", also reveals that almost a quarter (24%) of financial respondents have lost revenue due to issues with IT systems.
o The research, conducted by Vanson Bourne, surveyed the views and opinions of 222 IT professionals and 228 financial services professionals across Europe and is available here.
Key findings include:
o Over a third (37%) had issues with IT systems that made the business unable to evaluate investment risk.
o 38% of financial IT departments are asked for market risk information on a daily basis, yet only 17 % of those asked reported a demand for the information believe it is 100% accurate.
o Legacy systems are a huge problem for financial institutions due to the complexity of integration and the need for future proofing. Four in five said that legacy systems are a barrier to system improvements.
o Half (50%) of all respondents admitted to having to reach out to multiple sources/departments/contacts to get the required data to achieve corporate compliance.
o The full findings and research data can be viewed here.
o "The informational needs of financial services institutions have become increasingly complex with new and emerging regulatory requirements. New compliance rules often require cross-functional computations and reporting that cannot be easily supported by existing siloed departmental and legacy infrastructures. A new approach to data sourcing and provisioning is required - one that is unified and begins with a clear understanding of the business use," said Nazif Mohammed, vice president EMEA, Oracle Financial Services.
o "Despite financial institutions' awareness that IT agility is required for good business performance, many are unable to undertake the necessary changes to make it possible. With a quarter actually losing revenues because of IT systems, financial institutions need to act to integrate and transform business processes, to provide a single and accessible view of the business," said Senthil Kumar, vice president, marketing, Oracle Financial Services Global Business Unit.
The "European Confidence Report", research was conducted during April and May 2010.
For the IT research, Vanson Bourne surveyed 222 senior IT executives in Europe. The research questioned 37 executives in the United Kingdom and 37 in each of the following three countries or regions: France, Germany, Switzerland, 19 in Italy and Spain, and 18 in Benelux and the Nordics.
For the finance research, Vanson Bourne surveyed 228 senior finance professionals in total with 38 people questioned in the United Kingdom, France, Germany and Switzerland, 20 in Italy and Spain and 18 in Benelux and the Nordics.
About Oracle Financial Services Software Limited
Oracle Financial Services Software Limited (referred to as "Oracle Financial Services Software") (Reuters: ORCL.BO & ORCL.NS) is a majority owned subsidiary of Oracle. For more information, visit www.oracle.com/financialservices.
Oracle (NASDAQ: ORCL) is the world's most complete, open, and integrated business software and hardware systems company. For more information about Oracle, please visit our Web site at http://www.oracle.com.
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