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

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

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.

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


  • Research Objectives and Methods
    • Research Objectives
    • Survey Methodology
    • IT Decision Maker Profile
    • Respondent Jobs Titles
    • Organization's Revenues Growth and Margin
  • Executive Summary
    • The Next Generation of Disruption in Financial Services
    • Fintech Trends
    • Summary of Major Findings
  • How Finance is Using IT in an Era of Digital Transformation
    • Drivers, Challenges, Usage, Security Concerns, and Plans for Investment of IT Solutions
      • Top Challenges for IT
      • Top Challenges for IT by Size of Organization
      • Top Challenges for IT by Region
      • Top Challenges for IT by Industry Sector
      • Top Challenges for IT by CEO and CIO
      • Top Challenges for IT by Organization's Revenue Growth
      • Top Challenges for IT by Organization's Margin
      • Top Drivers for IT Investment
      • Top Drivers for IT Investment in 2018 by Size of Organization
      • Top Drivers for IT Investment in 2018 by CEO and CIO
      • Top Drivers for IT Investment in 2018 by Organization's Revenue Growth
      • Top Drivers for IT Investment in 2018 by Organization's Margin
      • Plans for investment in IT
      • Top Technologies Impact on Revenues
      • Top Technologies to Impact Revenues by Size of Organization
      • Top Technologies Impact on Revenues by Region
      • Top Technologies Impact on Revenues by Business Type
      • Top Technologies Impact on Revenues by Job Title
      • Top Technologies Impact on Revenues by Organization's Revenue Growth
      • Top Technologies Impact on Revenues by Organization's Margin
      • Top Technologies That Positively Impact Cost Reduction
      • Top Technologies That Positively Impact Cost Reduction by Size of Organization
      • Top Technologies That Positively Impact Cost Reduction by Region
      • Top Technologies That Positively Impact Cost Reduction by Business Type
      • Top Technologies That Positively Impact Cost Reduction by Job Title
      • Top Technologies That Positively Impact Cost Reduction by Organization's Revenue Growth
      • Top Technologies That Positively Impact Cost Reduction by Organization's Margin
      • Top Security Concerns
      • Top Security Concerns by Size of Organization
      • Top Security Concerns by Region
      • Top Security Concerns by Business Type
      • Top Security Concerns by Job Title
      • Top Security Concerns by Organization's Revenue Growth
      • Top Security Concerns by Organization's Margin
      • Importance of mCommerce
  • Opportunities for the Internet of Things
    • The Internet of Things Deployment Stages
    • The Internet of Things Deployment Stages by Business Type
    • Top Concerns About the Internet of Things
    • Drivers for Investment in Internet of Things
    • Best Chip/Module Vendor for the Internet of Things
    • Best Devices Vendors for the Internet of Things
    • Best Networking Provider for the Internet of Things
    • Best Platform Provider for the Internet of Things
    • Best Systems Integrator for the Internet of Things
  • Trends in Cloud
    • Influences for Selecting a Cloud Provider
    • Percentage of Storage Moved to the Cloud
    • Percentage of Applications Moved to the Cloud
    • Value of Cloud-Based Solutions Among Users
    • Satisfaction with Cloud-Based Solutions
    • Barriers to Adoption of Cloud-Based Solutions
  • Trends in Mobile & Wireless
    • Use of Mobile Devices
    • Support for Mobile Operating Systems
    • Enforcing BYOD Policies and Expectations for Future
  • Perception of Organizations' Success
    • Organization's Approach to IT Investments and its Competitive Assessment
    • Organization's Approach to IT Investments by Organization's Revenue Growth
    • Organization's Approach to IT Investments by Organization's Margin
    • IT Solutions Usage by Technology Adoption
  • Budget Allocation
    • 2015 IT Budget in Relation to Organization's Revenue
      • Table Navigating Digital Transformation in Finance, Insurance, and Banking: Average IT Budget, Global, 2015
    • 2015 vs 2016 IT Budget Allocation
    • Expected IT Budget Change in 2017
    • Percentage of IT Budget Consumed by Top Three Communications Suppliers
    • Percentage of IT Budget Consumed by Small to Medium Communications Suppliers
    • CAPEX Vs. OPEX Spending

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