Financial services face many challenges in 2022. Security threats. New regulatory requirements. Increased demand from new users and devices. There is a lot to consider. Additionally, there is a critical shortage of IT talent and skills needed in financial services today to meet customer demand and revenue goals. We’ve identified five key challenges that financial services IT departments need to overcome this year to achieve their growth expectations.
Threat mitigation and data security and privacy monitoring
Security will always be a top priority for financial services as their customers demand high levels of privacy. Protecting financial data requires proactive, constant, real-time monitoring by technology, as well as a professional security analyst monitoring transactions, networks, and systems. Cyber defense is not an area to cut costs; rather, it is an area to be fortified if resources permit. Investments in automation, machine learning, and data analytics can support these security professionals. While vigilant security can be costly and time-consuming, the cost is higher if you don’t protect your network from the constant barrage of cyber threats.1
Staying Compliant in an Ever-Changing Global Regulatory Landscape
The evolution of technology and new security threats lead to continuous changes in local and global regulatory standards. Research shows that approximately 20% of senior executives have identified compliance as their top challenge.2 Expertise and focus are needed to keep abreast of new regulations. Choosing partners and suppliers familiar with these new regulations is the safest bet. The opportunity cost of non-compliance is risky. Time to market, productivity, and reputation, not to mention penalties and fines, all need to be considered.
Meet growing customer expectations while experiencing unprecedented usage
Over the past few years, the explosion of global devices, applications, and users has increased usage and required scalability at all times. Today’s customers demand an always-on experience. Add to that the current expectations for network availability and continued resilience of OLTP systems, and the challenge of meeting growing customer expectations is clear. To meet this challenge head-on, IT teams must have access to the right architectural and operational expertise for technology solutions that help you scale to handle increased customer engagement and drive new revenue opportunities. Plus, guidance from experts familiar with your internal systems can help you deploy new solutions while your existing teams keep services running 24/7.
Limited agility due to legacy systems and processes
Some banks have “skeletons” in their closets. Old, proven systems from a bygone era prevent many groups from introducing new technologies. Some of these beloved and unbroken Unix/COBOL/Fortran systems were built before 2000 and were agile enough to implement for Y2K updates, but not for today’s agility. They limit digital transformation initiatives and constitute an obstacle to affect the time to market of new services. These financial institutions are hesitant to upgrade these legacy systems because they run specific services and are proven to do their job as expected. Yet they cannot support the new services, applications, and architectures needed for a modern environment. Additionally, the skills needed to support these legacy systems are scarce, and finding talent for these systems is expensive and time-consuming.
Finding the RIGHT talent at the right TIME
Whether it’s legacy systems, new technologies, or innovative business processes, intense competition for skilled talent is a reality today. It’s not easy to find the right technical expertise in this environment, let alone recruit it when needed for a project. The best teams can hone and complement their talents on a project-by-project basis.3 Having the right expertise on hand when needed makes a big difference. Unlike in the past, IT professionals are now more mobile and transient. You can only get the specifically qualified talent for a limited time. Starting a planned upgrade without the qualified professionals to complete the plan can hurt morale. Worse yet, lose a key player needed to run a rip-n-replace project – yuck! Now more than ever, having the skills at hand at the right time is vital.
These challenges seem impossible, but they are not. Most organizations need additional expertise from suppliers and partners who are knowledgeable in these areas. Dealing with sudden security threats, increases in usage, storing regulated OLTP transactions, designing new services, and finding the right skills to execute planned upgrades, makes it possible to have a trusted vendor with experience and skills in these areas.
Cisco CX Business Critical Services for Financial Services IT Teams
For financial services, Cisco can help. We offer account-driven programs that benefit you by helping you reduce operational costs and bring new applications and solutions to market faster. But why Cisco? We operate one of the world’s largest cybersecurity threat monitoring networks. We build our products and services with compliance built in. We train and certify skills for all phases of the IT lifecycle. We offer our services on demand, by project and as needed. And we are ready to help you. Approach Cisco CX Business Critical Services or your Cisco partner representative.
Learn how Westpac, Australia’s oldest bank, improved agility, reduced costs and increased visibility into network performance to better manage disruption and risk.