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The Financial Services sector is still a cauldron of change as new competitors emerge, regulations change and customers get more demanding. The large, established players have to change their business models and cost structures radically if they are to succeed. This will mean substantial changes in the way they interact with their Software and IT Services suppliers.
The ubiquitous digital transformation agenda, together with the need to prop up legacy systems, will mean that IT spend will remain strong, growing faster than the overall market. However, we expect that the chronic uncertainty over Brexit will continue to delay decisions and shift IT investment onto the Continent as London-based operations hedge their bets. An annual growth rate of 2.3% is forecast for the next 3 years, well down on pre-Brexit expectations.
As companies look to improve customer experience and service quality, major changes are necessary to ensure that they can efficiently access the relevant data, particularly from within their own organisations. Success here will enable real progress through the application of automation and analytics technologies.
With the advent of cloud, larger companies see the opportunity for lower costs, but they also realise that their rate of innovation is woefully insufficient. Many aim to work with the new breed of Fintech players, but in our opinion, doing this effectively requires a partnership with the larger SITS suppliers.
Tectonic shifts are occurring in all the major segments of the UK SITS market and throughout the worlds of Banking, Insurance and Capital Markets. This annual review highlights the underlying issues and discusses the implications and opportunities for the SITS supplier community. Subscribers to FinancialServicesViews can access the report, here.
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Posted by Peter Roe at '12:52' - Tagged: cloud financialservices analytics automation FinTech data
