Financial services industry is modernizing apps to deliver secure digital experiences

F5 has announced the availability of its 2022 State of Enforcement Strategy Report – Financial Services Edition. This year’s report outlines the strategies adopted by financial services organizations in digital transformation with a focus on improving the customer experience. Financial services organizations – from banks and payment processors to insurers and investment services – must continue to accelerate their digital transformation journey to meet growing customer expectations for secure digital interactions.

The result of this report reveals the following information:

Continued digital transformation and rapid modernization: 99% of financial services organizations in the Asia-Pacific region are modernizing their applications.

Maturation of multi-cloud strategies: 69% of financial services organizations in the Asia-Pacific region have multi-cloud strategies. Growing industry confidence in public and hybrid clouds is evidenced by the deployment in the cloud not only of standardized features such as data lakes, but also by the growing use of:

  • Infrastructure as a Service (IaaS), used by 42% of respondents
  • Platform as a Service (PaaS), used by 37% of respondents
  • Security as a Service (SECaaS), used by 43% of respondents

Increased focus on safety: 60% of BFSI organizations in the Asia-Pacific region say they have already implemented or plan to implement API security solutions

Balancing security and performance: 70% of Asia-Pacific financial services would trade different levels of security for better performance

F5’s 2022 State of Application Strategy Report – Financial Services Edition reflects responses from more than 200 financial services IT decision-makers working for organizations of all sizes around the world. The North America and Asia-Pacific regions were particularly well represented.

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Stephen V. Lee