Financial Insights Releases Annual Top 10 Strategic IT Initiatives for Financial Services
FRAMINGHAM, MA. – October 19, 2007 – Leading independent research and advisory firm, Financial Insights, today announced the release of their annual report series identifying the Top 10 IT initiatives that will have key strategic importance for banking (retail and corporate) insurance and capital markets worldwide in 2008. The reports identify and describe these initiatives, examine why they will have an impact in 2008 and explain why they should be on the minds of business and technology executives at financial institutions.
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. The first in the series is for banking with the Top 3 strategic initiatives for banks detailed below.
Global Banking: Top Ten Strategic Initiatives for 2008
Rank Trend Description
1 Information Management: Moving to lifecycle management Banks' data resources are growing rapidly, and the growth of
unstructured data in particular is dramatic. This growth in data –
in some banks, "explosion" is an apt term — has accelerates in the
last few years. Effective management of data has thus become a
priority. The old focus was on the management of the data
infrastructure itself, especially in the areas of data warehousing,
storage and security. Current initiatives however indicate that
banks' approach has matured. They are striving to implement an
information management lifecycle approach.
2 Technology refresh: Continuing the quest for dynamic IT A group of technologies collectively referred to as "Dynamic IT" are
enabling CIOs to deliver increased flexibility and transparency to
the lines of business without requiring a large-scale replacement of
existing systems. Instead, the new technology will wrap itself
around the old, isolating the legacy infrastructure while allowing
new systems to be built on top of it.
3 Data security: the battle continues Banks are in the business of safeguarding sensitive, non-public
consumer and corporate information. However, the environment is ever
changing, increasingly hostile and complex, regardless of regional
location. Against this backdrop, bank executives struggle with
managing security with channel expansion, real-time processing,
geographic dispersion, outsourcing/offshoring, and mobile workforce
Source: Financial Insights, 2007
"This year, banks are focusing much more on back-office improvements with their technology spend. Partly because the pendulum has swung to favor enterprise-wide IT initiatives, but also because business heads are recognizing that to meet their individual goals the enterprise infrastructure must be refreshed. Product-focused investments will no longer solve the problems they are facing," stated Jeanne Capachin, vice president of Research, Banking and Insurance at Financial Insights.
Financial Insights will be presenting the Trends in Corporate Banking: 2008 at the annual AFP Banker's Breakfast on Oct. 22nd in Boston and will release its Global Top 10 in Banking during the AFP conference. In addition, Financial Insights will be presenting the Capital Markets Top 10 at the Securities Industry Conference Oct. 24th in New York City.
Financial Insights will be delivering a series of Webcasts that will provide essential guidance to financial institutions as they plan their strategic IT investment initiatives. The Top 10 broadcasts are open to solution providers, financial institutions, press and media but do require advance registration.
To register for one of the Top 10 Webcasts please visit the Webcast eventspage:
* October 25, Global Banking Top 10, Jeanne Capachin
* November 8, Global Capital Markets Top 10, Julio Gomez
* November 14, Global Insurance Top 10, Barry Rabkin
* January 7, Financial Services Predictions, Julio Gomez
For more information on obtaining these reports or attending an upcoming event, please visit the website www.financial-insights.com or contact: email@example.com.
About Financial Insights, an IDC Company
Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Our global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms, securities and brokerage firms. Our local practices in Asia Pacific, Europe, Latin America and Canada add an in-depth regional viewpoint. Financial Insights, an IDC company, is headquartered in Framingham, Massachusetts, USA. IDC is a subsidiary of IDG, the world's leading IT media, research, and exposition company.
For more information visit: http://www.financial-insights.com .