13 December 2017
visit www.solutions.lexisnexis.com

Boosting customer experience is top IT priority for UK and Ireland FS firms

06 August 2014  |  6099 views  |  0 Green light

Improving customer experience has overtaken cost-cutting as the main priority for IT decision makers at British and Irish financial services firms, according to a survey commissioned by Fujitsu.

Of 176 tech leaders interviewed, 28% say that improving customer experience is one of their top three priorities over the next three years, up from 22% in 2012. While a similar percentage - 27% - say that reducing costs is a priority, this is sharply down from 51% in 2012.

More than a third of respondents expect to have more budget in three years' time and there is also a shift in how money is being spent as innovation begins to gather momentum after taking a backseat in the aftermath of the economic crisis.

Less than half of the IT budget within financial services organisations is currently spent on maintenance and a healthy 28% is now invested in "changing the company". More than two thirds of respondents want IT staff to focus on more value-enhancing tech initiatives rather than resolving issues created by legacy systems.

Anne MacRae, head, financial services, Fujitsu UK & Ireland, says: "Focus on enabling growth and driving innovation are crucial in organisations moving forward in an increasingly competitive market under threat from technology-led entrants. It's exciting to see the beginning of trends that could lead to a significant change in the role IT plays within financial services."

Despite the optimism, there are some grumbles from respondents, who say that more than half of the time something is standing in the way of financial services IT teams delivering to their optimum ability. Lack of labour resources is the main gripe, followed by lack of financial resources and internal politics.

Matthew Oakeley, head, group IT, Schroders, says: "I don't think that the reason that IT doesn't "deliver" is that the resources aren't there. Even if you had an infinite supply of resources, I just don't think that it would be possible to deploy them.

"There's a tolerance threshold for change in any organisation, and I think that there's a balance that needs to be struck between doing more and the level of concurrent change that the organisation can actually sustain successfully."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Risk spending consuming bigger share of IT budgets - IDC

Risk spending consuming bigger share of IT budgets - IDC

15 May 2014  |  7437 views  |  0 comments | 10 tweets | 12 linkedin
IT proves top spending priority for UK FS industry

IT proves top spending priority for UK FS industry

31 March 2014  |  6580 views  |  0 comments | 15 tweets | 9 linkedin
Retail bank IT spending to hit $152.2 billion by 2018 - Ovum

Retail bank IT spending to hit $152.2 billion by 2018 - Ovum

28 March 2014  |  8615 views  |  0 comments | 9 tweets | 17 linkedin
Global bank IT spending on the rise as European market recovers

Global bank IT spending on the rise as European market recovers

11 February 2014  |  7144 views  |  0 comments | 15 tweets | 11 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.aciworldwide.comvisit www.atos.net

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12133 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9316 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
7914 views comments | 17 tweets | 35 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7330 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7165 views comments | 20 tweets | 11 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job