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

A Customer Perspective

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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

Table of Contents

Navigating an Era of Digital Transformation in Finance, Insurance and BankingResearch Objectives and MethodsResearch ObjectivesSurvey MethodologyIT Decision Maker ProfileRespondent Jobs TitlesOrganization’s Revenues Growth and MarginExecutive SummaryThe Next Generation of Disruption in Financial ServicesFintech TrendsFintech Trends (continued)Summary of Major FindingsSummary of Major Findings (continued)Summary of Major Findings (continued)How Finance is Using IT in an Era of Digital Transformation Top Challenges for ITTop Challenges for IT by Size of OrganizationTop Challenges for IT by RegionTop Challenges for IT by Industry SectorTop Challenges for IT by CEO and CIOTop Challenges for IT by Organization’s Revenue GrowthTop Challenges for IT by Organization’s MarginTop Drivers for IT InvestmentTop Drivers for IT Investment in 2018 by Size of OrganizationTop Drivers for IT Investment in 2018 by CEO and CIOTop Drivers for IT Investment in 2018 by Organization’s Revenue GrowthTop Drivers for IT Investment in 2018 by Organization’s MarginPlans for investment in ITTop Technologies Impact on RevenuesTop Technologies to Impact Revenues by Size of OrganizationTop Technologies Impact on Revenues by RegionTop Technologies Impact on Revenues by Business TypeTop Technologies Impact on Revenues by Job TitleTop Technologies Impact on Revenues by Organization’s Revenue GrowthTop Technologies Impact on Revenues by Organization’s MarginTop Technologies That Positively Impact Cost ReductionTop Technologies That Positively Impact Cost Reduction by Size of OrganizationTop Technologies That Positively Impact Cost Reduction by RegionTop Technologies That Positively Impact Cost Reduction by Business TypeTop Technologies That Positively Impact Cost Reduction by Job TitleTop Technologies That Positively Impact Cost Reduction by Organization’s Revenue GrowthTop Technologies That Positively Impact Cost Reduction by Organization’s MarginTop Security ConcernsTop Security Concerns by Size of Organization Top Security Concerns by RegionTop Security Concerns by Business TypeTop Security Concerns by Job Title Top Security Concerns by Organization’s Revenue GrowthTop Security Concerns by Organization’s MarginImportance of mCommerceOpportunities for the Internet of ThingsThe Internet of Things Deployment StagesThe Internet of Things Deployment Stages by Business TypeTop Concerns About the Internet of ThingsDrivers for Investment in Internet of ThingsBest Chip/Module Vendor for the Internet of ThingsBest Devices Vendors for the Internet of ThingsBest Networking Provider for the Internet of ThingsBest Platform Provider for the Internet of ThingsBest Systems Integrator for the Internet of ThingsTrends in CloudInfluences for Selecting a Cloud ProviderPercentage of Storage Moved to the CloudPercentage of Applications Moved to the CloudValue of Cloud-Based Solutions Among UsersSatisfaction with Cloud-Based SolutionsBarriers to Adoption of Cloud-Based SolutionsTrends in Mobile & WirelessUse of Mobile DevicesSupport for Mobile Operating SystemsEnforcing BYOD Policies and Expectations for FuturePerception of Organizations’ SuccessOrganization’s Approach to IT Investments and its Competitive AssessmentOrganization’s Approach to IT Investments by Organization’s Revenue GrowthOrganization’s Approach to IT Investments by Organization’s MarginIT Solutions Usage by Technology AdoptionBudget Allocation2015 IT Budget in Relation to Organization’s Revenue2015 vs 2016 IT Budget AllocationExpected IT Budget Change in 2017Percentage of IT Budget Consumed by Top Three Communications SuppliersPercentage of IT Budget Consumed by Small to MediumCommunications SuppliersCAPEX Vs. OPEX SpendingLegal DisclaimerThe Frost & Sullivan StoryThe Frost & Sullivan StoryValue Proposition: Future of Your Company & CareerGlobal PerspectiveIndustry Convergence360º Research PerspectiveImplementation ExcellenceOur Blue Ocean Strategy




Keyword1
digital transformation in finance
Keyword2
digital transformation in insurance and banking
Keyword3
digital transformation in finance

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