New Intix Report Finds Data Compliance Woes Still Haunt Fintechs
Based on industry research it conducted during Sibos, payments and transaction data management company, Intix, has today announced new findings that examines the biggest challenges facing financial institutions when it comes to compliance, regulations and gaining actionable insights from transaction data.
This research asked attending guests four questions regarding challenges, expectations and outcomes of both transaction data, data management software, and corresponding regulations and compliance requirements.
Key findings from the report include:
- 31% of respondents found that compliance and regulation record-keeping ranked as the most difficult challenge companies face around transaction and payments data
- Payment regulatory reporting regulations were voted as the most challenging to implement within a company
- Over 50% of those asked said that the ideal outcome of transaction data management would be to secure a better understanding of what the data can provide and gaining actionable insights, while making the data itself more easily accessible
- 34% of businesses want a solution that will provide fast outcomes that assist in providing the best possible client experience
This new research shows that companies are having a major problem with payment and transaction data management, in particular keeping track of transaction data and then using it to meet required compliance and regulations. The data reflects Intix’s current approach on the importance of transaction data management tools to provide actionable insights that help in supporting businesses achieve growth.
In the past, achieving this level of data management performance would have been difficult but providers, such as Intix, are now able to handle the task. Utilising its presence at Sibos this year, the company conducted live research to help highlight the ongoing issues around managing large volumes of data, obtaining insights, and finally meeting regulatory and compliance regulations quickly and easily within the industry. The findings have shown the need for reliable and efficient solutions to help fix any frictions in the transaction flow.
Speaking on the results, Antoine Cuypers, Director of Strategic Alliances and Key Accounts at Intix, said: “Through this research we were able to get a deeper understanding of the challenges our customers face and how transaction data can be used to greatly benefit the industry. The data has allowed us to identify where businesses are struggling with the sheer volume of information, with meeting their compliance and regulatory requirements, and most importantly, the impact on customer service and expectations.”.
These findings are the latest push from the transaction data management company to improve the streamlining process of transactions and helping to enhance visibility and control over transaction processing for financial institutions, empowering them to better serve their clients. The company recently hired Kurt Florus as CTO to support its exciting growth plans.
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