FS firms’ IT systems ‘lagging behind FinTechs’
Written by Chris Lemmon
Over half of financial services firms do not think their IT systems are up to scratch when compared with their FinTech counterparts, new research from IDG Connect has found.
The study, which was commissioned by Digital Realty and surveyed more than 100 IT decision-makers at companies with 500 or more staff, also found that 54 per cent of financial services firms believe that they are ‘constantly fighting’ to update security defences and keep out the latest challenges. Just 32 per cent said that they have comprehensive defences and strong processes, while 13 per cent said that they need to make significant changes.
One in five IT leaders felt that their IT setups were either ‘fair’ or ‘below average’. Only 27 per cent of respondents felt that their IT capabilities were excellent, with the remaining 54 per cent regarding capabilities as good.
When asked which new technologies were the biggest opportunity for their company, artificial intelligence and machine learning was the area most cited by respondents. However cloud, data analytics, blockchain and digital sales and marketing were all recognised as levers for success.
The report concluded: “As organisations scrap to compete in a globalising economy where change is everywhere and technology-enabled opportunities are abundant, it’s clear that there will be significant repercussions for the way these enterprises run and manage information technology.
“Those organisations that deliver high qualities of service and offer superior infrastructure, security, performance, skills and resilience will be well positioned to capitalise on an intriguing time for the global economy.”