Global leaders in financial services and insurance (FSI) believe that legacy IT infrastructure and applications are holding back their business transformation aspirations and automation objectives, according to a new report, Financiers ridden with technical debt, from The Economist Intelligence Unit (The EIU), supported by Appian.
The need for business agility, spurred by recent global events, is causing FSI organizations to reimagine how they do business as they work at an accelerated pace to adapt to change.
Key findings include:
■ 71% of IT decision makers (ITDMs) in FSI organizations report that the growth of technology project requests exceeds IT budget growth, which is higher than the global average of 64%.
■ 87% of respondents say their organization has encountered operational difficulties in addressing the challenges posed by the pandemic.
■ 81% of FSI leaders say their organization needs to improve its IT infrastructure and applications to better adapt to external change.
■ 44% of ITDMs believe inadequate collaboration between the IT function and business units is a chief barrier to digitization, compared to 27% of business decision-makers.
According to survey findings, automation is viewed as being one of the most important technologies over the next 12 months by 31% of global financial services executives. The report highlights that more than a third (34%) of ITDMs believe that the reduction or elimination of legacy IT would most help their organization achieve its automation objectives.
However, only 17% of financial services business decision-makers believe that overcoming legacy IT would be a key factor in helping their firms to embrace automation.
"Financial services and insurance companies must bolster collaboration between IT teams and the business units they serve. Both groups recognize the need to collaborate more to meet their digital and automation ambitions with speed, quality, and security. Our report shows that by working together, modernizing dated legacy systems, and adopting agile methodologies, organizations can overcome barriers to digitization," said Michael Heffner, VP of Solutions and Industry Go-to-Market at Appian.
Methodology: Financiers ridden with technical debt is based on a survey conducted by The EIU of more than 1,000 IT decision-makers (ITDMs) and senior business executives at financial services, banking, and insurance corporations around the globe.
The Latest
Users have high expectations around applications — quick loading times, look and feel visually advanced, with feature-rich content, video streaming, and multimedia capabilities — all of these devour network bandwidth. With millions of users accessing applications and mobile apps from multiple devices, most companies today generate seemingly unmanageable volumes of data and traffic on their networks ...
In Italy, it is customary to treat wine as part of the meal ... Too often, testing is treated with the same reverence as the post-meal task of loading the dishwasher, when it should be treated like an elegant wine pairing ...
In order to properly sort through all monitoring noise and identify true problems, their causes, and to prioritize them for response by the IT team, they have created and built a revolutionary new system using a meta-cognitive model ...
As we shift further into a digital-first world, where having a reliable online experience becomes more essential, Site Reliability Engineers remain in-demand among organizations of all sizes ... This diverse set of skills and values can be difficult to interview for. In this blog, we'll get you started with some example questions and processes to find your ideal SRE ...
US government agencies are bringing more of their employees back into the office and implementing hybrid work schedules, but federal workers are worried that their agencies' IT architectures aren't built to handle the "new normal." They fear that the reactive, manual methods used by the current systems in dealing with user, IT architecture and application problems will degrade the user experience and negatively affect productivity. In fact, according to a recent survey, many federal employees are concerned that they won't work as effectively back in the office as they did at home ...
Users today expect a seamless, uninterrupted experience when interacting with their web and mobile apps. Their expectations have continued to grow in tandem with their appetite for new features and consistent updates. Mobile apps have responded by increasing their release cadence by up to 40%, releasing a new full version of their app every 4-5 days, as determined in this year's SmartBear State of Software Quality | Application Stability Index report ...
In this second part of the blog series, we look at how adopting AIOps capabilities can drive business value for an organization ...
ITOPS and DevOps is in the midst of a surge of innovation. New devices and new systems are appearing at an unprecedented rate. There are many drivers of this phenomenon, from virtualization and containerization of applications and services to the need for improved security and the proliferation of 5G and IOT devices. The interconnectedness and the interdependencies of these technologies also greatly increase systems complexity and therefore increase the sheer volume of things that need to be integrated, monitored, and maintained ...
IT talent acquisition challenges are now heavily influencing technology investment decisions, according to new research from Salesforce's MuleSoft. The 2022 IT Leaders Pulse Report reveals that almost three quarters (73%) of senior IT leaders agree that acquiring IT talent has never been harder, and nearly all (98%) respondents say attracting IT talent influences their organization's technology investment choices ...
The findings of the 2022 Observability Forecast offer a detailed view of how this practice is shaping engineering and the technologies of the future. Here are 10 key takeaways from the forecast ...
