Published/updated: November 2011
Whether it’s insurance or banking, those working in financial services keep coming in for a lot of stick. Over the years, many organisations have spent shed loads of money on IT, yet customers still complain about bad service, broken processes and the fact that nothing seems to be joined up. This brings the state of IT into sharp focus.
Financial services IT professionals are being pulled in all directions. New regulations have been coming in thick and fast, and there’s no end in sight. At the same time, everybody’s clamouring for ‘innovation’, insisting that improving customer service is top priority.
For many firms, all this is happening against a backdrop where legacy systems (some of them decades old) and more recent applications are held together by a complex mix of point-to-point connections and/or some kind of ‘backbone’. In some companies, it’s got so bad that a bowl of spaghetti might be mistaken for a simplified version of the systems diagram.
Needless to say, all this makes maintenance and upgrades a nightmare. And that’s before we’ve taken into account the demands for new applications, and useful reports and analysis to come out of those often fragmented and barely-held-together systems. Maybe it’s all getting too complex to handle? Then there’s the small matter of budgets. When it comes to regulatory compliance, extra money typically gets released sooner or later, even if only grudgingly. But for the rest, the refrain is “if you want to spend more, find savings somewhere else first”. That in turn can lead to corners being cut, with the almost inevitable consequence of systems outages, some of them in the full glare of publicity.
But who knows – maybe we exaggerate.
Whatever the truth, we want to find out, so if you have experience of the way technology is being used in banking, insurance and other parts of the financial services sector, or have views from another perspective then let us know in the comment box below.
Better still, if you work in the finance sector itself, tell us about the real pressures and constraints you are subject to through our latest survey here.
CLICK HERE TO VIEW ORIGINAL PUBLISHED ON
By Dale Vile
By Bryan Betts and Dale Vile
Yesterdays software delivery processes are not up to dealing with today’s demands, but modernising you approach is not just about implementing Agile, even creating a DevOps culture. You need to focus on some specific, hard-core principles. ...more
By Dale Vile & Jack Vile
Cloud services are increasingly becoming part of the IT delivery mix, but a recent study of 378 senior IT professionals suggests a parallel commitment to ongoing investment in the datacentre. This in turn shines a light on the key role of modern application platforms. ...more
By Tony Lock & Dale Vile
Despite the advent to cloud computing the datacentre remains central to corporate IT. But with demands continuing to escalate, how do you ensure your infrastructure is powered robustly and efficiently? ...more
By Bryan Betts
Many are exploiting cloud computing to drive business advantage, while others are enjoying the flexibility and efficiency of DevOps. But what happens if you use both together in a coordinated manner? The answer is a significant amplification of the benefits of each. ...more
By Dale Vile
Securing the applications and services that underpin your online and mobile presence is one thing, but keeping them secure secure on an ongoing basis is another. How well do your business execs understand this? ...more