The financial sector is experiencing the same technological disruptions as the rest of the world, forcing decision-makers to react and implement new tools to stay relevant. The prospect of harnessing big data in particular is encouraging banking executives to deploy unique information management solutions to make capturing and leveraging digital resources easier.
IDC highlighted how financial corporations are focusing on credit analytics, data quality software and general risk management solutions to provide more return on investment without introducing unnecessary challenges.
"Changing global dynamics call for executives to astutely manage their risk profiles to ensure that their financial institutions not only survive but thrive in this 'new normal' environment - an environment where bankers have to deal with a climate of protracted slow growth and hyper competition," said Li-May Chew, associate research director at IDC.
A report by BAI Banking Strategies said mobility will also play a crucial role in the development of the financial industry. As consumers and the rest of the private sector adopt advanced technologies, banks and other companies will be required to do the same to remain competitive and generate profit.