Financial Professionals Costly Chase For Information
Of all financial professionals, 70 percent spend 45 percent of their time, on average, searching and reviewing professional information.
Financial services organisations spend 50 percent of their content budget on real-time services such as Reuters and Bloomberg — and cover only 30 percent of their information needs.
These are two conclusions of research by Clingon Professional Content Solutions carried out over 42 key professionals within 39 leading financial service organisations, like banks, pension funds and insurance companies, in the Benelux.
According to research, companies find it increasingly complex to manage the overload of economic data, sector-specific developments, competitor and client data and company-specific information. Online and electronic information sources are emerging. It is an important challenge to find and manage the best mix of subscriptions to online and offline magazines, newsletters, e-mail alerts and indices.
Besides subscriptions management, there is the issue of copyrights clearance.
Most organisations according to the study have problems with clearing digital rights. They download information from the internet and cut and paste from newsletters (electronic or otherwise) to make their own newsletters or e-mail alerts without dealing properly with copyrights, thereby risking legal claims from publishers and authors.
Not all organisations have the same level of development when it comes to content management and procurement.
According to Clingon researchers, there is a pattern, which they name ‘Four-Generation Development Framework’’.
In the first generation, organisations use hard copy for specific professional information. Electronic information is of a general nature and retrieved mainly from the internet. All information is managed and purchased at individual level and there is no content management system available. About twenty percent of the organisations interviewed are at this stage.
In the second generation, e-mail alert systems are available, companies develop their own intranets and professionals visit more websites and electronic databases frequently. Specific external information is primarily available in hard copy. Companies use a basic content management system to archive documentation. The main data formats are pdf and html. About 70 percent of the companies interviewed are at stage 2.
In the third generation, specialist departments are starting to use the intranet to search and review external professional information. Selection tools make it possible to get the right content to the right people or departments. External streams are downloaded into the corporate intranet and, if possible, hardcopy articles are also procured electronically. XML is the format used to manage the streams more efficiently. At the end of this stage, intranets are integrated into one corporate or enterprise portal. About ten percent of the organisations interviewed are at this stage.
In the final generation, information management and organisation is embedded in the organisation. Internal information is structured; external information is procured centrally and managed decentrally. All information can be searched and retrieved via the corporate intranet. None of the main financial services organisations interviewed have come this far in their content management.
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