Financial services IT focussing on strategy

Published on

computers

IT teams in financial services organisations are becoming much more strategic and this has left IT departments struggling to cope.

Research from MSM Software indicates that almost 70% of financial services IT managers believe the IT department has changed into a more strategic role over the past 12 months.

Respondents cited the ways that the role of IT has changed, including changing skill sets and IT staff spending less time running in-house systems.

In addition, non-strategic roles have been the first to go when it has come to cutbacks for 20% of financial services organisations involved in the research.

With IT departments focused on strategy, 37% of IT managers say they no longer have sufficient resource to support IT systems.

“Over the past year there has been a significant shift within in-house IT departments,” said Thomas Coles, managing director at MSM Software.

“This is not least due to limited funds resulting in necessary cut-backs, but also the need to keep up with the increasing pace of change and demands from the business to meet market needs, which have had a direct impact on resource.

“Financial services organisations must ensure they are not placed at risk by a failure to ensure their IT function can drive forward technology innovation. For example outsourcing provides a key way in which organisations can plug essential skills gaps to ensure their competitive future; enabling day to day activities to be supported whilst IT teams focus on delivering strategic objectives.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...