Cybersecurity Europe Fintech Insights Reports

Softcat’s Report Finds Which Technologies Are Being Prioritised by the Banking and Financial Sector

A new report from Softcat offers an exclusive snapshot of the finance IT landscape and what technologies organisations are prioritising in the year ahead.

The findings are based on the views of nearly 1,250 organisations in the UK and Ireland, across 23 industries including finance.

Looking at a sector level, the report reveals 66% of finance organisations are now prioritising Digital Workspace solutions above all other technology areas.

The banking and finance sector is under increasing pressure to deliver intuitive, accessible and mobile-friendly consumer experiences, while continuing to offer important face-to-face services.

The sector has also responded to changing work styles and covid-19 restrictions by introducing greater flexibility and remote working. For staff to work effectively, from anywhere, they need a frictionless, connected environment where user experience and security are central. Something Digital Workspace technologies can provide.

Digital Workspace solutions put people first and technology second. They enable true collaboration and deliver a great user experience by securely connecting people, applications, data and devices together, helping employees to do their job seamlessly – wherever they are.

Cyber Security is the second most cited technology investment area for the next year, with 64% of finance organisations saying it’s an important part of their IT strategy.

Today’s financial services are entirely dependent on computer systems, making it a lucrative target for cybercriminals. Data security is a major issue for the financial sector, which plays a key role in the economy. A security incident in a banking institution can have consequences on the day-to-day operations of an entire country, or even an entire region of the world.

Hybrid Infrastructure, comprising Datacentre and Cloud, Public Cloud and Managed Infrastructure, is ranked as the third most important IT priority within finance, according to the study with 47% of respondents citing it.

The bank of the future will look very different from today. Faced with changing consumer expectations, emerging technologies, security risks and alternative business models, banks need to start putting strategies in place now to help them prepare for this future. And the shift to cloud will underpin future success.

Importantly, organisations were also able to rank sustainability as a focus for the first time. And 14% of those in the finance sector (compared to a 10% cross-sector average) cited sustainability as an important factor in their IT strategy for the coming year, signalling a shift towards greener and more ethically conscious decision making.

Technology has a vital role to play in supporting organisations in meeting their sustainability goals, to ensure compliance with tightening legislation and help the global community meet science-backed climate targets.

Richard Wyn Griffith, Managing Director of Softcat commented on the findings, “Over the past 18 months or so, the financial sector has been heavily challenged; working hard to limit the impact on business-as-usual or respond to unprecedented surges and pivots in demand.

“People, empowered by technology, have made navigating this uncertain and disruptive period possible. And this will only continue as we learn to live and thrive with new ways of working.”

Author

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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