Data has been called “the new oil”. But standardisation of fund data remains a challenge. Without standards, will the promise of “big data” be fulfilled? Funds Europe, in association with Clearstream, chose this topic for the third in a series of research reports about the future of the funds industry. Among the highlights of this survey:
• 82% of respondents think the industry should make it a priority to standardise the data that is supplied by fund companies to distributors and investors
• The biggest challenge preventing standardisation of this data is that fund companies do not have an incentive to change
• 72% believe fund companies should be careful about how much customer-level data they receive, because each piece of data incurs regulatory responsibilities
• 61% do not believe asset managers have enough data about their distribution supply chain to ensure there is no mis-selling under the second Markets in Financial Instruments Directive (MiFID II)
• 63% believe fund managers will outsource their data requirements in future
• 46% think the funds industry is not ready for the General Data Protection Regulation (GDPR)
A total of 101 funds professionals participated in the online survey. See ‘survey methodology’ for more information.
For part one of the report, click here.
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