An End User Perspective on Navigating Digital Transformation in Finance, Banking, and Insurance, Global, 2017

Gain a Competitive Advantage Using Insights from IT Buyers
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Published: 12 Oct 2017

The overall research objective is to measure the current use and future decision making behavior toward information technology (IT) in Finance, Banking, and Insurance, specifically: Enterprise Mobility Management, eCommerce/mCommerce, Unified Communications & Collaboration (UCC), Infrastructure and Data Centers, Big Data and Analytics’ Omnichannel Marketing, Customer Experience Management, Cyber Security, Internet of Things, Enterprise Content and Business Processes Management, Fintech, and API/CPaaS (Application Programming Interface/Communications Platforms as a Service) Strategy. Frost & Sullivan aims to: • Understand the IT-related challenges organizations face today • Monitor the status of digital transformation including newer solutions such as Artificial Intelligence (AI), Augmented Reality/Virtual Reality (AR/VR), and mCommerce • Assess the current and future use of business communications technologies • Evaluate factors that drive investments in communications technologies • Gauge IT and communications trends • Appraise available IT budgets The top IT investment drivers include improving productivity (45%), improving customer experience (38%), and reducing operational costs (35%). Big data and analytics is the leading technology to have the greatest impact on both, revenue growth and cost reduction efforts. About 47% of respondents who implemented IoT believe that its key benefit is to boost customer service and marketing. Social media allows organizations to stay in better touch with customers through customer feedback and identify user trends. It also helps them to improve collaboration. The optimism around being an early adopter and the high growth in IT investments bodes well for IT solutions providers. Companies that are able to effectively help end user industries to implement a digital transformation strategy will be the winners.



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