1. Market Research

The Future of IT in the Finance Industry—United States and Europe

  • July 2014
  • 67 pages
  • Frost & Sullivan
Report ID: 2238108


Table of Contents

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

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.

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