Corporate banking digital transformation lags behind other industries
Forrester has recently released its ‘The Transformation of Corporate Banking’ report*, highlighting a demand for digital transformation in the corporate banking industry, which is seen as being far behind. For example, at least 25% of enterprise CFOs indicated that increasing the use of cloud in their banking; upgrading, replacing, or consolidating legacy business apps; and increasing the use of data and analytics technology are now a priority. In an industry that oversees the management of vast pools of capital, these changes must be introduced through a foundation of advanced IT monitoring, as disruption can lead to financial cost.
Daniela Streng, VP & GM EMEA at LogicMonitor, comments below: “The slow pace of digital transformation in the corporate banking sector indicates the high-stakes nature of the industry. After all, a simple IT problem can disrupt the transfer and management of millions of pounds at a time. However, Forrester highlights that, while enterprise clients still expect flawless service, they also now want their banks to fully embrace cloud, prioritise real-time insights and spur innovation.
“Digital transformation, in its many forms, adds labyrinthine complexity to financial IT systems – vast pools of sensitive data are produced and managed in IT environments that span into hybrid and/or multi-cloud infrastructures. It is then up to stretched IT teams to ensure problems do not arise in the IT environment that could result in disruption – such as outages – to the process of big finance.
“If corporate banking CIOs are to answer the soaring expectations of enterprise clients, then they must support their IT teams with advanced monitoring technology that can provide holistic vision into the IT environment. AI-powered monitoring can intuitively recognise and remedy issues in the IT environment, with little to no input from IT teams, thereby preventing outages. Furthermore, it can communicate valuable data sets allowing for real-time insights as to how client money is being managed and invested.
“In short, corporate banks are now expected by their clients to revolutionise banking services through the transformations they recognise in their own industries. Clients will also not accept this transformation at the cost of outages and disruption to their financial operations. For forward-thinking CIOs in the corporate banking sector, the answer to this conundrum lies in advanced IT monitoring.”