Experts identify types of technology dominating the financial services industry

Luke Thomas, APAC vice president at Appian, explained that the cloud has helped financial services organizations scale their operations quickly and efficiently during the COVID-19 pandemic, as collaboration tools that were previously used occasionally can now be used almost continuously. Additionally, online-only customer service models have enabled large banks to improve the customer service experience.

However, the Thales Global Cloud Security Study 2021 warned organizations that increasing cloud adoption has led to an increase in cyber attacks targeting cloud data, with around half of those surveyed in Australia (51%) and New Zealand (43%) reporting a cloud violation in the past year.

Read more: Popularity of cyberinsurance: from flop to peak

Other types of technologies deemed crucial for the success of organizations in the coming months are AI and machine learning, data science and analytics, automation technologies, Internet of things (sensors connected), collaboration tools, digital payment technologies, mobile 5G and mobile working. tools.

Neil Morgan, chief operating officer of Insurance Australia Group (IAG), said the group has seen a 50% increase in app usage in one of its main brands, NRMA Insurance.

“COVID-19 has definitely boosted customers’ appetites to use digital channels, which they may not have done historically. The question for us keeps coming back to what extent we can benefit from this change in behavior, ”Morgan said, as reported by Consultancy.com.au.

Meanwhile, Joe Soule, chief technology officer at Capital One Europe, said the bank’s long-standing investments in digital automation allow it to continue to serve customers in a variety of ways online, with many customers who traditionally used the phone began to use the bank’s web channel. .

However, the joint Economist Intelligence Unit and Appian report warned of several obstacles preventing organizations from achieving their digital goals.

Business decision makers identified security or regulatory issues as the number one obstacle preventing their organizations from achieving their digital goals, followed by:

  • Lack of access to good technical talent;
  • Inadequate collaboration between the IT function and the business units;
  • Slow computer delivery; and
  • Lack of budget and investment.

IT decision-makers also highlighted security or regulatory issues as the main obstacle preventing their organizations from achieving their technology goals, followed by:

  • Inaction due to old computer systems;
  • Lack of budget and investment;
  • Inadequate collaboration between the IT function and the business units; and
  • Lack of access to good technical talent.

Stephen V. Lee