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Financial IT Reaches Crossroads: Study Reveals Demand for Digitalization in a Slow-Moving Industry

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Industry execs seek balance among digitalization, regulatory and security pressure, and IT talent shortage

CHARLOTTE, N.C. (October 26, 2016) – National IT infrastructure, connectivity and cloud services provider, Peak 10, Inc., announces the results of its first-ever Financial Services and IT Study: Tackling the Digital Transformation. The study, which includes responses from more than 150 IT decision makers demonstrates that the financial services industry has a ‘grow now’ mentality due to end-users’ demands for continual digitalization, although its executives must navigate through slow-moving security and regulatory complexities. It also reveals insights into the challenges and forecasted needs facing financial IT executives, while confirming that IT remains at the top of companies’ priority lists.

The Digital Revolution has taken over, and seemingly overnight, banking and insurance customers are demanding mobile applications that enable 24/7 account access, the ability to transfer funds remotely, and other features that do not require visiting a physical banking branch. To consumers, these paradigms sound commonplace—to the financial services industry, adoption has been an ongoing, massive undertaking. This level of digitalization also creates innumerable opportunities for financial services organizations that will help them become more efficient, reduce costs and deliver a more personalized experience to their customers.

“The technology behind banking and insurance organizations has to give consumers what they’re asking for, seamlessly, securely, and accurately,” said Christina Kyriazi, product marketing and analytics manager at Peak 10. “At Peak 10, we’ve been working side-by-side with financial sector customers, banking and insurance included, since the inception of our business. The developments and challenges in financial services transcends industries and luckily, technologies exist that can help IT decision makers succeed in their business pursuits.”

Peak 10’s study reveals statistics and information that address the following questions:

  • What are financial services IT decision makers’ top concerns and motivations for embracing cloud?
  • What is their willingness to move to the cloud?
  • What are their strategies for moving to the cloud?
  • How is the financial services sector addressing mobile demands from consumers?
  • What challenges do financial services decision makers face when hiring IT talent and how are they addressing it?
  • What types of IT positions are decision makers trying to fill? What new IT roles are they creating?
  • How financial services IT decision makers addressing government regulatory demands and cybersecurity?
  • What safeguards are financial services companies putting in place to combat cybersecurity threats?
  • How are financial services companies protecting their IT infrastructure?

Along with its portfolio of secure cloud solutions, data center and connectivity services, and managed services, Peak 10 offers unmatched customer experience, data center density, uptime and availability, and commitment to compliance within the financial services industry.

To learn more or download the complete Financial Services and IT Study: Tackling the Digital Transformation report, visit http://bit.ly/2fdA6Jl.

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About Peak 10

"Our values are the foundation for everything we do at Peak 10, and are ultimately what enable us to earn our customers' business and their trust."
David H. Jones,
Board Member, Peak 10 + ViaWest