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 IndustryâUnited States and Europe 1. RESEARCH OBJECTIVES AND METHODOLOGY
Research Objectives and Methodology Research Objectives Methodology
2. 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 OpportunitiesâFinance Industry Technical NoteâUnderstanding Perceptual Maps
4. INFLUENTIAL FACTORS ON IT INVESTMENTS IN FINANCE INDUSTRY
Influential Factors on IT Investments in Finance Industry Importance of Factors on IT InvestmentsâFinance Industry Effectiveness at Utilizing IT to Achieve Business ObjectivesâFinance 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 TechnologiesâFinance Industry IT Technologies, Current and Future UsageâFinance 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 AppsâFinance Industry
7. OPPORTUNITIES WITH VENDOR RELATIONSHIPS IN THE FINANCE INDUSTRY
Opportunities with Vendor Relationships in the Finance Industry Communications Infrastructure, Current and Future UsageâFinance 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 CloudâFinance Industry IT Technologies Already Moved to the CloudâFinance Industry Plans to Move IT Technologies to the CloudâFinance Industry Expected Percent of Enterprise Communication Solutions Migration to the CloudâFinance 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 ImplementationâFinance Industry Implementation of Customer-Facing Social Media StrategiesâFinance Industry Implementation of Employee Collaboration Social Media StrategiesâFinance Industry
10. DEPLOYMENT OF MOBILE APPS IN THE FINANCE INDUSTRY
Deployment of Mobile Apps in the Finance Industry Deployment of Mobile AppsâFinance Industry Impact of 4G Network on Deployment of Additional Mobile AppsâFinance Industry Best Mobile Software Application DesignsâFinance Industry Best Mobile Software Application Designs by Company SizeâFinance Industry Current and Preferred Strategic Partners for Mobile SolutionsâFinance Industry
11. NETWORK SECURITY IN THE FINANCE INDUSTRY
Network Security in the Finance Industry Implementation of Network Security TechnologiesâFinance Industry Outsourcing to Managed Security Service ProvidersâFinance Industry
12. MOBILE DEVICES IN THE FINANCE INDUSTRY
Mobile Devices in the Finance Industry Company Issued DevicesâFinance Industry Company Supported Mobile Operating SystemsâFinance Industry Personal Devices Allowed to Connect to Company Network (Bring Your Own Device)âFinance Industry BYOD Policy and EnforcementâFinance 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
Profile Companies' and Respondents' Geographic ReachâFinance Industry Country of Residence and Years in ITâFinance Industry IT Decision Making Role and Job Title âFinance Industry Legal Disclaimer
Appendix Potential Growth Rate Details of IT TechnologiesâFinance 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 360Âº Research Perspective Implementation Excellence Our Blue Ocean Strategy