Introduction
In a recent report from the Association for Finance Professionals on Technology & Data, achieving accurate, reliable data was identified as the primary challenge for financial services teams.
According to their survey of 362 practitioners worldwide, the issue is compounded by several factors, including the use of multiple tools to manage data, the inability of EPM tools to serve as a sole solution, and the reliance on spreadsheets to fill the gap between systems.
This article examines the benefits of financial data agility within financial services teams and how organisations can overcome the barriers to technological adoption to streamline data processes, drive better strategic outcomes, and enhance capacity for their teams.
The Need for Change
More than 90% of respondents to the AFP survey admitted to still using spreadsheets regularly for planning and reporting, signifying that manual data entry remains deeply embedded in financial workflows despite its limitations.
The need for a cohesive, end-to-end data processing infrastructure within financial companies is an increasingly critical priority, with back-office teams calling out for integrated, automated solutions that can unify data sources and support more accurate, agile planning, calculating and reporting.
The Benefits of Agile Data Processing
At its most basic level, financial data agility enables back-office teams to make informed decisions and implement changes quickly in response to changes in the business environment.
When you drill down into it, the wide-spanning benefits become clearer.
Improved Data Flow
Agile pipelines enable data to flow iteratively throughout the organisation, eliminating the bottlenecks and delays typically caused by siloed and unstructured data. With unified, real-time data flowing seamlessly across platforms, teams gain immediate access to trustworthy insights, supporting smarter, faster decisions.
Data Accuracy
In addition, eliminating spreadsheet dependencies helps mitigate one of the most persistent threats to financial accuracy: human error. Fully integrated and automated systems remove the need for manual reconciliation between disparate sources, minimising miscalculations, omissions, and versioning conflicts that plague traditional spreadsheet workflows.
Greater Capacity
As agile data processing pipelines are adopted, significant time savings are achieved. By reducing reliance on manual data entry, financial services teams can reallocate hours spent on repetitive tasks to more value-added strategic work.
Ultimately, with fewer delays caused by data inconsistencies, cross-functional collaboration improves as teams can trust shared dashboards, align their KPIs in real-time, and act decisively when market or regulatory conditions shift.
This improved efficiency and collaboration empower teams to transition from reactive tasks to proactive, insight-led actions that support strategic objectives.
Barriers to Technological Adoption
While the benefits of agile data processing are clear, implementation is anything but simple. Financial services teams face a range of hurdles that can slow or even prevent the adoption of data processing technologies.
System Complexity
The complicated nature of most financial data processing ecosystems poses a significant challenge for back-office teams. The complexity of the infrastructure, often developed over decades using disparate systems and patchwork connectors, is difficult to unpick, meaning off-the-shelf solutions are rarely fit for purpose.
Regulatory Considerations
In addition to technical debt, before they can implement new solutions, many financial organisations must first navigate rigid governance structures and deeply entrenched compliance protocols. Although necessary, these frameworks can slow down the deployment of new tools, even when they offer clear efficiency gains.
Resource Demands on Teams
Additionally, the fragmented nature of the data, combined with the extensive governance and regulatory requirements within the sector, necessitates that software developers receive detailed instructions and guidance. This places a further burden on financial services teams that are already operating in a continual cycle of looming deadlines, with little capacity or bandwidth.
Adopting the Right Technology
Selecting the most suitable technology is a decision that should be grounded in a deep understanding of both operational challenges and regulatory requirements.
For financial services teams, this means looking beyond off-the-shelf software and traditional software developers that require extensive guidance.
Customisation and Domain Alignment
Ideally, any solution should be fully customisable to suit the organisation’s current ecosystem and should be built by a developer with comprehensive knowledge of the industry’s regulatory considerations. A platform built with financial services use cases in mind will offer significant futureproofing as requirements and regulations evolve.
Additionally, embedded domain expertise will help standardise data treatments, automate checks and ensure consistency across systems.
Flexibility
Solutions should offer a high degree of configuration without requiring heavy custom code. Low-code, rule-based platforms are particularly well-suited for this purpose, as they enable internal teams to adapt logic, workflows, and calculations to evolving business or regulatory demands without relying heavily on external developers.
Interoperability
Rather than taking a ‘rip and replace’ approach, an ideal solution will integrate cleanly with existing systems.
Conclusion
As regulations and industry requirements continue to grow in complexity, so does the importance of data agility. The ability to move quickly, make accurate decisions and seamlessly adapt to changes depends on streamlined, automated data infrastructure.
By adopting configurable, domain-aligned solutions, organisations can empower their financial services teams and unlock the full potential of their data, unlocking real competitive advantage and driving top-line revenue growth.
Contact Resolve today to learn how we can help unlock financial data agility for your company.