51 Percent of Financial Services Companies Believe Existing Tech is Holding Them Back (betanews.com)

An anonymous reader shares a report: Legacy technology can be a major obstacle to digital transformation projects and, according to a new survey of financial services technology decision makers carried out for business consultancy Janeiro Digital, almost 51 percent say existing technology is holding back innovation. Three of the biggest roadblocks are seen as lack of support for change (34 percent), legacy technology and infrastructure (31.6 percent) and a lack of in-house technical skill (29.5 percent). As a consequence 23 percent of respondents believe their company is behind in digital transformation compared to others in the industry. Only 47 percent are currently implementing new technologies, with 12.6 percent wanting to do so but not having started. That leaves 40 percent not innovating which could see them lose out in a world where consumers want better, faster financial products.

Comments

Re:Don't blame the tools

[Archangel Michael]

The blame doesn't go for implementation, it goes for not understanding the opportunity cost of not doing something you should. When enough opportunities are passed, the businesses will cease to exist.

I phrase it like this, "Good IT is expensive. Bad IT is costly".

Do you have backups (expensive)? At some point it will cost you if you don't. It isn't a matter of if, but when.