Banking groups may need the help of IT contractors in order to address the quality of their data, it has been claimed.

The sheer volume of complex procedures that banks undertake means that they are unable to do anything about improving the quality of the information they store, according to the International Association for Information and Data Quality (IAIDQ).

Firms will therefore need to reduce the complexity of these operations before they can improve their risk environment with better data quality, explained Daragh O Brien, former director of publicity and member of the IAIDQ.

"Most banks have a devastating disparity in operations and culture that is preventing them from implementing or improving their information supply chain," he added.

According to the latest survey from the independent research firm Lepus, more than three-quarters of top financial services companies plan to spend resources on schemes that will improve the quality of their data.