The financial services industry crippled by the rapid pace of digital transformation

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Banking executives around the world believe the rapid pace of digital transformation in the financial services industry is straining the capacity of their IT systems, raising serious concerns about continued operational resilience.

The survey, of 300 technology and IT leaders in North America, Europe and Apac, finds that financial services firms are struggling to keep up with an unprecedented pace of digital transformation following of the Covid-19 pandemic.

84% of respondents say their IT environment has changed more in the last 12 months than in the lifetime of the business, while 94% of businesses agreed that digital transformation is putting pressure on their IT systems , compromising real-time data analysis, and creating storage and security issues.

Tightening budgets in a difficult market environment and the persistent shortage of talent only exacerbate the problems.

As companies are forced to put operational resilience on the agenda, ITRS CEO Guy Warren said regulators may be forced to further delay incoming regulations on planned bank downtimes for March.

“The pandemic has forced digital transformation to move at lightning speed to enable businesses to keep up with rapidly changing standards and expectations,” he says. “While there is no doubt that this change has brought significant benefits, it is only now that we are fighting for a ‘Covid normal’ future that we are starting to see the cracks.”

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