WINDSOR, England, March 5 /PRNewswire/ --

- Respondents Point to Key Industry Challenges in the Areas of Data Compliance, Data Accuracy and Integrating Data From Multiple Systems Over the Next 12 Months

The results of a national research study into the data owners within the UK's largest financial services companies were released today. The research, commissioned by DataFlux, a leading provider of data quality and data integration technology and conducted by BDRC, an independent research company specialising in the UK financial services sector, outlines current attitudes and practices to corporate data management and industry regulation in the finance sector.

A series of interviews was conducted with the personnel responsible for data management at financial institutions with more than 500 employees across the UK. The research shows that corporate data is overwhelmingly viewed as a strategic asset (90%) with 86% replying that the quality of corporate data is extremely important. However, results also demonstrate the industry takes an inconsistent approach to assigning responsibility for data management within the corporation and that major challenges are expected in the next 12 months.

Colin Rickard, Managing Director, DataFlux, commented: Financial services legislation in force today demands robust processes for guaranteeing the accuracy of data held on assets and customers. Our research shows the industry expects more of the same, and the start of this regulation is evidenced by the FSA recently tasking banks with a GBP200 million IT investment to deliver a single customer view. It is essential that companies in this sector apply robust data governance principals to remain compliant. He continued: Compliance aside, good data should be considered the lifeblood of any organisation - it facilitates operational efficiency, cost saving and competitive advantage.

The survey identifies that although 73% of respondents cite compliance as the primary motive for investment in data management, six out of 10 organisations report that responsibility for maintaining data quality remains scattered across multiple departments or is held within individual business units making confident reporting of data across the enterprise hard to achieve. Sixteen percent of institutions surveyed claimed that no one has specific responsibility for managing their data.

A data protection advisor at a firm with more than 2000 employees summed up one of the key challenges facing financial services advisors in the next 12 months:

Ensuring you are fully aware of what data you hold and in what form - who can access it and where you are sending the data -is the key to awareness of what data you hold, what you need to use it for and what it is actually used for.

Other key research highlights

Data governance projects are high on the agenda: One-third of respondents have already implemented in this area with about the same number (32%) currently implementing or considering implementation of a data governance project.

Nine out of 10 respondents think there will be increased data-focused regulation in the next five years: Key areas highlighted were data security and fraud prevention but many respondents also felt regulation would go further than just security, and would focus on the accuracy and validity of data.

Survey respondents share their views on data management

Validity. Making sure that the data is valid. Making sure that it isn't in breach of the Data Protection Act - IT manager, commenting on future regulation

The focus (will be) on information security. Customers (will be) fully aware that data is being transferred overseas for administration purposes - Compliance manager, commenting on future regulation

(The future of regulation) is going to be...continued maintenance in order to keep data as accurate as possible. Also making sure customer information is as up-to-date and accurate as possible in order for customers to have confidence in what we hold is correct. - Data quality manager, commenting on data challenges in 2009

It's going to be the accuracy mainly for all prevention. Accuracy is going to be key because of the current climate we're in - Data protection manager, commenting on future regulation

About the research

Research was conducted by BDRC amongst senior professionals with responsibility for data management at UK-based financial services companies with over 500 employees. The number of companies that met the research criteria was c160 at the time. In-depth telephone interviews were conducted with individuals at 44 of these companies, achieving an above-average 28% penetration rate for this type of business research.

To download the full research report please visit http://www.dataflux.com/UK-Financial

About DataFlux

DataFlux enables organisations to analyse, improve and control their data through an integrated technology platform. With DataFlux enterprise data quality and data integration products, organisations can more effectively and efficiently build a solid information foundation that delivers a unified view of customers, products, suppliers or any other corporate data asset. A wholly owned subsidiary of SAS (http://www.sas.com), DataFlux helps customers rapidly assess and improve problematic data, building the foundation for data governance, compliance and master data management (MDM) initiatives. To learn more about DataFlux, visit http://www.dataflux.com.

About BDRC

Founded in 1991, Business Development Research Consultants is a leading full service market research agency. Working primarily for service organisations, the company specialises in hotels, finance, travel and tourism and mobile telephony. The acquisition of Continental Research at the beginning of 2008 added media and advertising, public sector and technology research expertise to the portfolio of market sectors covered. Headquartered in London, BDRC works internationally and has additional representation in South Africa and Asia. For more information, please visit http://www.bdrc.co.uk.

DataFlux and all other DataFlux Corporation LLC product or service names are registered trademarks or trademarks of, or licensed to, DataFlux Corporation LLC in the USA and other countries. (R) indicates USA registration. Other brand and product names are trademarks of their respective companies.

Media contacts: Nick Ward / Helen Fitzhugh Clarke Mulder Purdie on behalf of DataFlux +44(0)20-7401-8001 nward@cmpcommunications.com / hfitzhugh@cmpcommunications.com

Media contacts: Nick Ward / Helen Fitzhugh, Clarke Mulder Purdie on behalf of DataFlux, +44(0)20-7401-8001, nward@cmpcommunications.com / hfitzhugh@cmpcommunications.com; Scott Batchelor, DataFlux, +1-919-447-3000, publicrelations@dataflux.com