Fujitsu
individual institutions, and replicate the methods of malicious attackers – proof in point that action needs to be taken. Perhaps most concerning, is that our research found that while there is broad confidence around their ability to maintain in-branch services (66%), over the phone services (63%), access to core services (69%) and online uptime (63%), in the event of an IT failure only a third of financial services organisations (35%) are “very” confident that they would be able to guarantee security.
Security concerns are also acting as a barrier for technology adoption, with more than half (52%) of IT leaders admitting that security is a significant barrier to deploying a successful mobile banking strategy. And for those surveyed who have not deployed a cloud strategy, just under half say cite the reason as the fact that it presents too many security concerns.
Two years on from our previous research, we had expected to see greater strides taken in the adoption technologies such as mobile banking and cloud as they can offer significant gains to FS firms of all kinds. Security now seems to be more of a problem than the cost of deployment, lack of knowledge or skills and even issues integrating with back-end systems, all issues that we would have expected to place higher on the list of worries when it comes to technology.
As with any kind of technology deployment, security should be the safety net on which it’s based – not the drop net that gets in the way of embracing it. Decision maker s need to consider that perhaps the biggest risk of all is that they become less relevant and more uncompetitive as other organisations embrace this technology transformation and take advantage of the benefits.
Moving to mobile – more needs to be done While security is the dominant barrier in mobile, there are also suggestions that mobile might not be a key priority, or that customers simply don’t want it. These thoughts seem to be misplaced in that it also seems that some of the greatest benefits of a mobile strategy lie in the customer experience. Around half of those surveyed said that mobile helps to satisfy customer demand, with a similar number saying the same of customer retention,
About the Author Anne MacRae has been with Fujitsu for 7 years in roles ranging from Delivery Assurance, to Commercial, Sales and Client Executive. Having established herself a skilled architect of business benefits and driver of benefits realisation, Anne is passionate about the changes needed within Financial Services and how technology can deliver competitive advantage. With a Joint Masters in Economics and Finance from the University of Aberdeen, Anne qualified as an Accountant with Standard Oil before undertaking senior finance roles within Mars, General Motors, and Accenture, the latter as Finance Director for their HR BPO business. A self proclaimed workaholic and mother of three children, Anne’s interests include reading (Biographies), fitness and travel.
an improved competitive position and an enhanced customer experience. There seems to be little doubt as to what mobile can offer, so where does the disconnect lie?
This may be an issue of pace. The adoption of mobile apps and services by financial services organisations has occurred more slowly than was perhaps expected. At the same time, every indication points to mobile being a generation-led technology, with younger, smartphone- wielding customers expecting to be able to access financial services on the device of their choice.
This will only become more important. A 2012 Ernst & Young report suggested that 12% of consumers worldwide would like their bank to improve online and mobile facilities in order to improve their satisfaction – second only to changes to fee and charging structures, at 22%. Put simply, mobile and digital has become a decision making factor for financial services customers, and organisations must address the risk that their existing customer engagement models will no longer be relevant to a generation demanding the instant access to services that mobile technologies can offer.
As that trend gathers pace, the onus will fall on financial services organisations to overcome issues around security, cost, integration and any other factors restricting them from making mobile an integral part of their customer offering
The outlook for FS technology Attitudes towards new technology adoption in financial services are changing, but they are doing so slowly.
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While this steady progress is reflective of an industry in which regulatory control is stringent and steps towards innovation are made only with certainty that they will not jeopardise either customer experience or the bottom line, persistent concerns over security may be leaving many counting the cost of missed opportunities. While businesses in other industries move ahead with the adoption of technology that can help them outmanoeuvre their competition, there is a very real sense that those within FS are failing to drive towards to those options through fear of inherent risk.
The continued dominance of security as an issue suggests that there are significant background issues relating to the technology security strategy for the sector. That it continues to hold FS organisations back in so many ways indicate that organisations would be well served with an underlying strategy that can address that stability not just of core services but of emerging platforms like cloud and mobile too.
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