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.”