Financial Services Industry Struggling with Rapid Rate of Digital Transformation

A survey of 300 technology and IT executives across North America, Europe and the Asia-Pacific region has found that financial service firms are struggling to keep up with the unprecedented rate of digital transformation stemming from the COVID-19 pandemic. In fact, 84% of those surveyed say that their IT environment has changed more in the last 12 months than in the company’s entire lifespan. Additionally, 94% of those surveyed indicate that digital transformation is putting stress on their IT systems, compromising real-time data analysis and creating storage and security issues. Tightening budgets against a difficult market backdrop and ongoing shortages of talent are further exacerbating issues. As firms are forced to push operational resilience down the agenda, regulators may be forced to further delay incoming regulations.