Financial Services

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Industry overview

Over the past decade we have become a data-driven, cloud-centric world. For financial services companies, that transformation has been a double-edged sword. While visibility and electronic access to large amounts of data has provided unlimited opportunity for efficiency and customer service improvements, it has led to dramatic business model and industry transformation:

  • Smart, savvy fintech competitors have entered the market, disrupting traditional customer relationships
  • Global digitization is changing customer expectations to include 24/7 self-service, lightning-fast response, and personalized experience across service channels and payment platforms
  • With sophisticated cybercrime on the rise, maintaining security and privacy are critical to customer trust
  • Stringent and complex regulatory compliance must be delivered to ensure a good reputation and avoid security breaches, fines, and litigation
  • Spending cuts and shrinking budgets hinder maintaining IT infrastructures properly, leaving them vulnerable and potentially impairing customer service

Top Financial Services business challenges

Did you know...

50%

of global financial services organizations are still in a very early or immature state of their digital transformation journey

1 in 3

financial services CIOs identify digital as their top business priority

90%

of asset and wealth managers identify increased data analytics as their primary focus