For 2019, Fujitsu financial predictions highlights key trends that industry will face.
The financial landscape is changing drastically with new technologies and competitors entering the market to accelerate innovation.
However, organsiations need to contend with a number of growing technologies and threats. These include cybersecurity threats, keeping pace with technology and choosing where to spend their money.
The changing nature of work also means that financial services leaders are beginning to get more strategic about automation.
Stuart Rye, director business development of financial services at Fujitsu, stated:
“There are a lot of questions around moving to the cloud from a regulatory perspective. This is tied in with the complexity of the systems and impairs firms’ ability to be truly agile. Of course becoming an agile company entails various levels of technological sophistication and organisational change.
“The shift in how banks and insurers interact with customers and handle various processes, for instance, means that next year many will focus on optimising their back-office. We’ve seen some organisations that are well down the path to automation, while others are just starting out.”
The Fujitsu financial predictions include trends such as cybersecurity and automation that organisations will have to enhance to ensure seamless and secure operations.
Getting industrial with automation
Across major industries automation is supports an organisation’s digital transformation strategy to automate burdensome and time-consuming business processes.
Banks and financial services have experimented with it and many back office operations are automated. Achieving greater operating efficiencies to remain competitive, and comply with new regulatory and compliance requirements have been key drivers for banks and financial organisations to embrace automation for a digital transformation.
Rye pointed out that organisations implement automation in a disjointed and decentralised way that leads to only few employees actually recognising the benefits.
Increased spending in cybersecurity
Financial institutions face a growing pressure threat from cyber-attacks. The attacks continue to evolve and are becoming more frequent and sophisticated.
Hackers are improving their tactics and techniques faster than security teams can keep up.
Rye noted: “Cyber-resilience is another notion that will surface more and more next year. Increasingly, the trust customers place in financial services institutions is dependent on their belief that the organisation is capable of managing and keeping their own assets safe. From a reputational perspective, this puts even more pressure on organisations to increase spending in cybersecurity.”