Three Key Trends Driving Financial Services IT Transformation

The Financial Services industry is deep and wide. It encompasses insurance and accountancy firms; retail, corporate and investment banks; stock brokerages, and consumer-finance and credit card companies.

So, as you’d expect, when it comes to IT infrastructure models, there is no ‘one size fits all’ for Financial Services. It is becoming ever more important to have agile, flexible and secure operations as institutions move towards continual change, as customers’ expectations of the experience they have with them increase and evolve.

Change is also being driven by the need to survive and compete against growing challenger start-ups like Revolut, Monzo, and N261 , as well as traditional rivals undergoing digital transformation. Finance firms are grappling with several common IT-related issues, three of which we’ll discuss in more detail in this paper, and these are:

• The need to become even more customer-centric.
• The importance of evaluating the best place for workloads – whether cloud, colocation or on-premise - and leveraging the flexibility and scalability of hybrid IT infrastructure.
• Avoiding vendor lock-in, which can become restrictive and costly