UK financial institutions need to make "significant progress" to properly focus around their customer's needs, according to a study.
The study, commissioned by the Charters Institute of Bankers in Scotland (CIOBS) and business and IT firm Charteris, examines the customer needs challenges facing UK financial services institutions.
The research highlights most financial institutions are struggling to become customer-focused because their business processes are complex and unresponsive to rapid change.
It suggests information management at most organisations is often ineffective and few institutions hold a single customer view across their different channels.
It also claims many organisations have major challenges with information technology, lacking integration between analytical and operational systems. They also lack an open, flexible infrastructure.
The research is based on interviews with 36 senior executives at twelve UK financial services companies.
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