Which Technology Trends will be key for Financial Institutions in 2015?
As the end of the year approaches and enterprises take stock of their business priorities for 2015.
As the end of the year approaches and enterprises take stock of their business priorities for 2015, many are looking to new technologies to help shape and strengthen their business momentum.
We see strategic network investments becoming a major focus point for savvy CIOs in 2015, as companies seek to make sense of big data, transition to the cloud and monetise the Internet of Things (IoT). Enterprise organisations will also adopt technologies that drive business innovation and provide a strong platform for future growth.
Financial institutions specifically will see themselves driven by three major market factors, which will influence their take-up of these supporting technologies in order to provide market-advantage.
- Constant need to achieve operational flexibility and agility: Proliferation of omnichannel banking, demand for greater cost efficiencies and the threat of non-traditional competition will compel this requirement as we move into 2015.
The growing demands of data, cloud, video and mobile solutions require enterprise networks to become more agile and scalable, without compromising performance. CIOs must ensure their networks are capable of distributing increasing workloads among multiple data centres as applications move to the cloud. Leveraging technology innovation including virtualisation, automation and optical network technology (100G, 200G and LTE), to improve network efficiency and reliability, will be critical in enabling networks to handle massive growth.
- Changing demographics: A constant increasing population and disparate consumer ages will continue to drive the need for tailored services to cater for the entire age spectrum.
Attracting, retaining and growing customers will require new/improved products and services aligned to each demographic, macroeconomic and regulatory changes. Data — the ability to gather it, manage it and make sense of it — will enhance business performance and impact how organisations act and live. Harnessing big data for unprecedented insights into how products and services are being received and how assets are being used will be a key priority for the C-suite in 2015. Companies that integrate advanced and predictive analytics programs into their connected infrastructure will be best positioned to improve operational efficiencies, identify new revenue streams and better serve their customers in the data economy.
- Secure data + protect brand = engender trust: The ever-constant threat of cyber-attacks means that security should always remain on the CIO’s agenda from holistic security solutions, ongoing compliancy requirements and the need for transparency.
Device proliferation, machine-to-machine connections, an increasingly complex threat landscape and extended computing environments will make network security more complex — and more important — than ever in 2015. A holistic, integrated, multi-layer security strategy will be critical for mitigating risk and establishing trust between devices, networks, people and systems. But what will be even more important is the adoption of a proactive risk management strategy aimed at detecting crimes — quickly and efficiently — using advanced big data analytics. This will be a make or break proposition for enterprises safeguarding their data in the coming year.
We believe organisations should focus on connecting technology innovation on a global scale. Many organisations understand the potential of the Cloud, or the Internet of Things, but realise that these technologies cannot be viewed in isolation. Rather, they must be fully embedded into global business operations if their potential is to be realised. We’ll see CIOs refocus on the fundamentals in 2015, securely embedding innovation in their global network in order to make sense of big data outputs and fuel business growth.