Survey: financial services industry impacted by rapid digitalisation

Thursday 13 January 2022 15:08 CET | News

Software provider ITRS Group has released a new global survey that has found financial services firms are struggling to keep up with an unprecedented rate of digital transformation in the wake of the COVID-19 pandemic.  

The survey reveals that the IT environment of 84% of financial institutions has changed more in the last 12 months than in the company’s lifespan. Digital transformation was reported to be the main driver of this trend, with 70% of respondents citing this factor. In fact, 94% of firms agreed that digital transformation is putting stress on their IT systems, compromising real-time data analysis, and creating storage and security issues.  

With 53% of firms already experiencing at least one full day of downtime every year, a figure which is on the rise, the development and onboarding of IT monitoring solutions is critical to ensure firms’ systems can cope with the rapid rate of digital transformation. Yet, amidst tightening budgets, operational resilience is dropping down the list of priorities. With almost eight in 10 firms selecting lower quality IT solutions as a direct result, IT resilience has been further compromised – at a time when it is more important than ever.  

The survey drew insights from over 300 technology and IT executives across North America, Europe, and APAC. You can access the full results from the survey ‘Financial institutions forgo critical IT spend: a global survey on operational resilience’ here

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: digitalisation, financial institutions
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech