Financial Insights Examines Annual Top 10 Strategic IT Initiatives for Financial Services
FRAMINGHAM, MA – JANUARY 12, 2006 – Leading independent research and advisory firm, Financial Insights, today announced the release of their annual reports identifying the Top 10 IT initiatives that will have key strategic importance for capital markets, insurance, risk management and banking (retail and corporate banking) organizations worldwide in 2007. The reports identify and describe these initiatives, examine why they will have an impact in 2007, and explain why they should be on the minds of business and technology executives at financial institutions. Four of the strategic initiatives for banks are detailed below.
Top 10 Initiative Description
Banks across the globe continue to invest heavily
and consider strategic options regarding security
and fraud management tools and practices to
strengthen control of non-public consumer and
corporate information, primarily on the heels of
such mandates as capital and operational risk
management, and stronger customer authentication.
Deceitful online and offline schemes target banks
from both the outside and the inside.
The prominence of core banking is high among
developing nations and mature economies, but with
two very different approaches. In the mature
markets of North America and EMEA, banks are using
tactics including middleware wrappings, SOA and
workarounds to achieve scalability, flexibility and
agility without replacing the core technology. Asia
Pacific has seen significant resources expended on
this strategic initiative critical within the region.
Profitability and Performance Management
The foundation of all good performance management is
reliable financial information that is generated
automatically, on a timely basis, and reconciles
with operational transaction systems, providing
clear accountabilities for profit and cost centers.
Integrated Financial Supply Chain
Banks should develop viable measurement tools that
cover financial targets, customer expectations,
business processes, technology, human capital —
and their relationship to return on capital.
Source: Financial Insights, 2007
"Banks recognize the potential high value of IT investment, but they also see that this high potential has not been realized. Institutions now are much more demanding in the way they allocate capital for investment and their requirement to deliver performance – one way or another, " stated Jeanne Capachin, vice president of Research at Financial Insights.
Financial Insights' Top 10 strategic IT initiatives integrate a mix of actionable, present-day value propositions that have either mandatory or high payoff potential with initiatives having future payoff potential for mainstream institutions.
Financial Insights hosts webcasts throughout the year for clients to provide essential guidance as they plan their strategic IT investment initiatives. The Top 10 broadcasts are open to press and media as well as subscription clients of Financial Insights. All others may join our pay-to-view program. To register please visit:
— January 18, Asia/Pacific Banking, 1:00 pm Singapore, Douglas Jaffe and Michael Araneta
— January 18, Global Insurance, 10:00 am US Eastern, Barry Rabkin