UK financial services letting down customers
UK businesses are overcharged and billed incorrectly due to their suppliers' inadequate internal systems, according to a survey of financial services professionals by Oracle.
Link: Fee padding is rampant, say FDs
One-third of respondents admitted that making important decisions about customers is based on inadequate information, or even on their ‘instincts’.
Over one-half questioned (57%) said the main obstacle to their productivity is increased workload brought on by compliance to new industry regulations. Two-thirds said that red tape coupled with a lack of integrated systems had ‘crippled’ their organisation’s productivity and this is expected to continue for at least the next 12 months.
Some 60% of respondents are taking overtime to handle ‘non-core’ tasks.
‘Despite the availability of technology, it is clear that many banks, building societies and insurers find it hard to operate using their existing systems,’ said Chris Baker, vice president and head of consulting at Oracle UK.
YouGov undertook the research, of which 105 UK financial sector professionals were surveyed.