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An End User Perspective

The research objective of this report was to measure the current use and future decision making behavior toward information technology (IT) within the finance sector. Overall, companies from the financial sector spend the highest percent of their budget on IT as compared to their counterparts from other sectors, with the highest proportion of their budget going to network security and customer care. The study concludes that there is much potential for IT companies in the financial sector, as there will be growing investment in network security and customer care. Furthermore, there is a great deal of focus on the use of mobile devices, mobile apps, and social media; softphones are also on the rise.

Research Objectives
The overall research objective is to measure the current use and future decision making behavior toward information technology (IT) within the finance industry, specifically: smart phones, tablets, mobile apps, cloud computing, video, audio, and web conferencing, Internet Protocol (IP) telephony, enterprise and consumer social media, unified communications client (UCC), time-division multiplexing (TDM) phones, business grade and consumer softphones, customer relationship management (CRM), headsets, machine-to-machine (M2M) communications, and mobile device management (MDM).
Specifically, Frost & Sullivan aims to:
-Understand the IT-related challenges organizations face today
-Assess the current and future use of enterprise communications technologies
-Evaluate factors that drive investments in enterprise communications technologies
-Gauge the communications infrastructure trends
-Appraise the available IT budgets
-Measure the impact the workforce has on IT

Methodology
Using a Web-based survey methodology during September and October 2013, Frost & Sullivan surveyed Information Technology decision makers working in the finance industry, located in the United States and in Europe, who were involved in the company’s IT-related purchases.

Frost & Sullivan’s survey methodology uses online panels to source only qualified respondents. Respondents must meet requirements set by a screening process prior to full survey participation. Online panels consist of individuals who volunteer to participate in Web-based surveys and typically receive compensation directly from their panel membership for participating in qualified survey research. In general, survey respondents do not receive direct compensation from Frost & Sullivan for participating in research projects.

Reporting Notes
Due to rounding, percentages in charts and tables may not sum to .

Executive Summary
-The financial industry is volatile, with government, the economy, and international politics all currently playing a major role in this industry.
-These companies are most concerned about new regulatory requirements that will increase the cost of IT.
-This industry spends the greatest percent of its income on IT, as compared to other verticals. The highest percent of the finance industry budget goes to network security. The next highest percent is invested in customer care.
-Attaining and retaining customers is a top priority, with productivity close behind.
-A good portion of respondents felt that IT is not an important factor in meeting business objectives. IT companies will need to educate this industry on the value that IT investments can provide to the top and bottom lines.
-Conferencing technologies are considered to be the most effective technologies used in finance.
-Tablets for business purposes and cloud computing have the highest current usage rates: % and %, respectively. Conversely, consumer softphones are expecting the highest growth rate of %.
-Cloud computing is expected to grow in this industry. Like many other industries, email servers and applications used for productivity are the first to be moved to the cloud. The technologies used for live or voice interactions with customers are the last.
-Mobile email has already been deployed by % of the finance respondents. Employee-to-employee social networking has had high penetration as well. However, machine-to-machine is perceived to see the highest growth over the next year.
-This study reflects that there is much potential for IT companies to target the finance industry over the next years. There will be much investment in network security, customer care, and mobile devices and applications. There is a great deal of focus on using social media for internal and external communications. Softphones are also on the rise.

Table Of Contents

The Future of IT in the Finance Industry—United States and Europe
1. RESEARCH OBJECTIVES AND METHODOLOGY

Research Objectives and Methodology
Research Objectives
Methodology

2. EXECUTIVE SUMMARY

Executive Summary

3. ATTITUDES TOWARD GENERAL BUSINESS APPLICATIONS OPPORTUNITIES IN FINANCE INDUSTRY

Attitudes toward General Business Applications Opportunities in Finance Industry
Overall Attitudes toward General Business Applications Opportunities—Finance Industry
Technical Note—Understanding Perceptual Maps

4. INFLUENTIAL FACTORS ON IT INVESTMENTS IN FINANCE INDUSTRY

Influential Factors on IT Investments in Finance Industry
Importance of Factors on IT Investments—Finance Industry
Effectiveness at Utilizing IT to Achieve Business Objectives—Finance Industry

5. CURRENT AND FUTURE USE OF IT TECHNOLOGIES IN THE FINANCE INDUSTRY

Current and Future Use of IT Technologies in the Finance Industry
Growth Opportunities for IT Technologies—Finance Industry
IT Technologies, Current and Future Usage—Finance Industry

6. IMPACT OF INFLUENTIAL FACTORS ON IT TECHNOLOGIES IN THE FINANCE INDUSTRY

Impact of Influential Factors on IT Technologies in the Finance Industry
Overall Highly Effective Mobile Apps—Finance Industry

7. OPPORTUNITIES WITH VENDOR RELATIONSHIPS IN THE FINANCE INDUSTRY

Opportunities with Vendor Relationships in the Finance Industry
Communications Infrastructure, Current and Future Usage—Finance Industry

8. IT TECHNOLOGIES AND CLOUD COMPUTING IN THE FINANCE INDUSTRY

IT Technologies and Cloud Computing in the Finance Industry
Current Percent of Enterprise Communications Solutions Already Moved to the Cloud—Finance Industry
IT Technologies Already Moved to the Cloud—Finance Industry
Plans to Move IT Technologies to the Cloud—Finance Industry
Expected Percent of Enterprise Communication Solutions Migration to the Cloud—Finance Industry

9. SOCIAL MEDIA STRATEGIES IN THE FINANCE INDUSTRY

Social Media Strategies in the Finance Industry
External and Internal Social Media Strategies for Social Media Policy Implementation—Finance Industry
Implementation of Customer-Facing Social Media Strategies—Finance Industry
Implementation of Employee Collaboration Social Media Strategies—Finance Industry

10. DEPLOYMENT OF MOBILE APPS IN THE FINANCE INDUSTRY

Deployment of Mobile Apps in the Finance Industry
Deployment of Mobile Apps—Finance Industry
Impact of 4G Network on Deployment of Additional Mobile Apps—Finance Industry
Best Mobile Software Application Designs—Finance Industry
Best Mobile Software Application Designs by Company Size—Finance Industry
Current and Preferred Strategic Partners for Mobile Solutions—Finance Industry

11. NETWORK SECURITY IN THE FINANCE INDUSTRY

Network Security in the Finance Industry
Implementation of Network Security Technologies—Finance Industry
Outsourcing to Managed Security Service Providers—Finance Industry

12. MOBILE DEVICES IN THE FINANCE INDUSTRY

Mobile Devices in the Finance Industry
Company Issued Devices—Finance Industry
Company Supported Mobile Operating Systems—Finance Industry
Personal Devices Allowed to Connect to Company Network (Bring Your Own Device)—Finance Industry
BYOD Policy and Enforcement—Finance Industry

13. AVAILABLE IT BUDGETS FOR IT TECHNOLOGIES IN THE FINANCE INDUSTRY

Available IT Budgets for IT Technologies in the Finance Industry
The Big Picture of IT Budgets

14. IMPACT OF THE WORKFORCE ON IT

Impact of the Workforce on IT
Distribution of Worker Types by Industry
Attitude Profile: Supporting New Business Needs is Driving Up Costs

15. PROFILE

Profile
Companies' and Respondents' Geographic Reach—Finance Industry
Country of Residence and Years in IT—Finance Industry
IT Decision Making Role and Job Title —Finance Industry
Legal Disclaimer

16. APPENDIX

Appendix
Potential Growth Rate Details of IT Technologies—Finance Industry
Potential Growth Rate Details of Opportunities with Vendor Relationships: Finance Industry

17. THE FROST and SULLIVAN STORY

The Frost and Sullivan Story
Value Proposition: Future of Your Company and Career
Global Perspective
Industry Convergence
360º Research Perspective
Implementation Excellence
Our Blue Ocean Strategy

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