Navigating an Era of Digital Transformation in Finance, Insurance and Banking

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Oct 10, 2016, 10:34 ET

NEW YORK, Oct. 10, 2016 /PRNewswire/ -- A Customer Perspective

The state of the finance industry is always changing as the economy becomes increasingly global. Digital transformation is inevitable in this industry, creating opportunities for IT companies over the next few years. This study is derived from a survey of IT decision makers around the world across multiple industries. It provides insightful information on what drives investment in IT solutions, the IT-related challenges that organizations face today, and most importantly, plans for IT budgets. Technologies covered include Enterprise Mobility Management, Social Media Management & Marketing Tools, eCommerce/mCommerce, Unified Communications & Collaboration, Infrastructure and Data Centers, Big Data and Analytics, Digital Marketing, Customer Experience Management, Cybersecurity, Internet of Things (M2M), ERP/Supply Chain Management/HR Management. There is section on Internet of Things that explores drivers, challenges, and different phases of implementation. End user companies will be able to benchmark themselves with regard to IT investments while IT companies will learn how to gain a competitive advantage over the next few years.

Excerpts from the study:

-The right strategy for this industry would be to embrace the new fintech technologies to speed up processes and deliver on customer service. Big banks can leverage big data with their vast client base; they can offer a valuable service by understanding customer needs not only with a list of questions, but by researching customer history, evaluating their emotions and identifying their true goals.

-Respondents that gained the highest revenue growth focused on aligning IT with business strategies; this has been a growing trend that has clearly had a positive impact on revenues.

-Companies with the strongest growth rates invest in IT to gain a competitive advantage and boost creativity and innovation.

-The top IT challenges for respondents are dealing with security threats, ensuring network stability and reliability, and aligning IT with business strategies.

-This year, the top driver for IT investments is the need to reduce operational costs—by a wide margin. But in two years, financial firms will also be focused on expanding into new markets, boosting creativity and innovation, and gaining a competitive advantage.

Today, the most commonly deployed IT tools focus on cyber security, infrastructure and data centers, and social media marketing and management tools. The Internet of Things (IoT), enterprise mobility management (EMM), and unified communications and collaboration (UCC) will get the biggest investment boost in two years.
Read the full report: http://www.reportlinker.com/p04208134-summary/view-report.html

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