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Businesses have a high degree of distrust in predictive data analytics which is slowing adoption of that technology. That conclusion is contained in the report “Unleashing the Potential of Predictive Analytics in Financial Services”, recently released by software vendor Qlik.

Qlik, which surveyed 500 IT leaders in the United Kingdom, found 50 percent of respondents do not believe these tools make decision without bias and 45 percent do not think they are always accurate. The group says training is important in utilizing analytical software with 76 percent of IT leaders in financial reserves saying data literacy training is important to enable users to recognize the technology’s limitations. Respondents also fear they could be held personally responsible for decisions made automatically by predictive systems. That concern is especially strong among those working in funds and investments where 81 percent expressed that fear and 46 percent report the regulatory burden outweighs the benefits from the software. Technical barriers also loom with 40 percent citing issues with data quality; 40 percent, data silos and 36 percent, the speed of data integration. Forty-three percent doubt they have the skills to implement predictive analytics.

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