Web financing

80% of financial organizations will prioritize web scraping in the next 12 months

VILNIUS, LITHUANIA/ACCESSWIRE/July 21, 2022/ Oxylabs research shows that companies are embracing web scraping at breakneck speeds despite the legal issues associated with the process.

  • 80% of financial services companies expect to turn more to web scraping in the coming year.
  • The trend rises to 85% among US organizations, but drops to 74% among UK companies.
  • However, concerns remain, with the risk of legal complications being the top reason organizations don’t use web scraping (37%).
  • Complicated technology was another reason (35%) along with budget constraints (35%).

According to the findings of Oxylabs‘ white paper, Alternative data drives key decisions in UK and US financial sectors. Some of the main reasons given for such a change include enriching the data they have, improving the efficiency of extraction, and accessing a greater volume of information through web scraping.

The findings highlight the important role data collection plays in helping finance organizations gain valuable insights into their performance, as well as key industry trends. Therefore, web scraping providers should look to adapt to the growing number of financial services companies that want to put more emphasis on the process, while moving quickly to alleviate their lingering concerns.

Gediminas Rickevičius, Vice President of Global Partnerships at Oxylabs, said: “It seems that over the past 12 months the attitude towards web scraping has changed dramatically, and while not surprisingly, it is incredibly revealing. Companies in the financial sector are seeing others gain an informational advantage through new methods of data acquisition. To keep up, companies need to make the change themselves.

“The results also highlight a clear distinction between the US and the UK, with US companies being more enthusiastic about change (86% vs. 74%) than UK companies. Such a margin of difference is difficult to explain solely from the perspective of technology adoption, however, it may be influenced by the fact that online data is predominantly US-focused, which makes web scraping slightly more useful for information gathering.

While web scraping is on the rise, a number of companies still associate it with risk. Potential legal issues were once a top concern. This is still the case, with legal complications remaining the number one problem (38%) for those who have not yet implemented web scraping. Complicated technology (36%) and budget constraints follow (36%), with lack of technical expertise (34%) also looming large.

Vaidotas Šedys, Head of Risk Management at Oxylabs, said: “Risk is inherent in all new technologies, because being a pioneer in a field means there are no footsteps to follow. However, any risk of web scraping can be significantly mitigated by applying best data collection and management practices and employing legal and risk professionals. These practices may take some getting used to, but they will ensure that the organization derives consistent ROI from web scraping.

American businesses are more concerned about legal complications than their British counterparts (43% vs. 34%). This could be because organizations perceive legal processes to be stricter and more demanding in the United States, which makes companies more wary of implementing such practices.

“The financial industry has always used data as a key tool to make important decisions. However, our research results revealed that the focus will be even more on data collection in the coming months. It’s no secret that the web scraping industry still faces many legal and technical challenges, but the organizations that can overcome these hurdles will be the ones that will reap the benefits in the years to come,” concluded Šedys.

Learn more about web scraping trends and best practices at the free online OxyCon conference. The event will take place on September 7 and 8, and the registration is now open.

About Oxylabs

Founded in 2015, Oxylabs is a provider of premium public web data acquisition and proxy solutions, enabling businesses of all sizes to harness the power of big data. Constant innovation, an extensive patent portfolio and a focus on ethics have enabled Oxylabs to become a global leader in the web data acquisition industry and to forge close ties with dozens of Fortune Global 500 companies. In 2022, Oxylabs was named the fastest growing public data collection solutions company in Europe in the Financial Times FT 1000 list.

Media Contact:

Vytautas Kirjazovas
E-mail: [email protected]
Website: www.oxylabs.io


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