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64% Of UK Financial Services CIOs Believe Cloud Computing Is Key Enabler Of Change

71% of Financial sector CIOs believe mobile banking will be important to their customers by 2015

Many CIOs in UK’s financial services, 64% in particular, believes that cloud computing will help them promote change in their respective organizations.

71% of Financial sector CIOs believe mobile banking will be important to their customers by 2015A new study commissioned by Fujitsu and carried out by Coleman Parkes, investigates the top business priorities for the CIOs shows the increasing importance of mobile to British financial institutions in the next three years.

As many as 49% of organisations believe that mobile banking is important at the present time and 71% believes it will remain important in 2015.

The study interviewed 50 CIOs, 75% of the respondents have expressed the main benefits of using mobile banking are retaining customers, enhancing loyalty through better customer experience, and providing a flow of revenues to financial institutions.

However, there are still great limiting factors that hinder the success of mobile banking – 64% mentioned security and 42% mentioned added investments.

High on the CIOs agenda is cloud computing. 60% of banks believe that this will help them with their business strategies and 64% believe that it is the key to change within their organization. Cloud-based solutions are also believed to drive efficiency at rates of 77% in loan processing, 70% in card processing, and 64% in mortgage processing.

Investments are critical and 65% of the CIOs warn that extra budget is required to meet the changing business needs.

Financial Services companies are looking for help from third parties that can demonstrate understanding of the core processes. 67% of them look for this strength along with infrastructure and enterprise skills.

Key Stats

  • 64% of UK financial services CIO believes that cloud computing can promote change
  • For 2012, 49% of organisations believe in the importance of mobile banking
  • 71% respondents believe that mobile banking will remain relevant in 2015
  • Out of the 50 CIOs interviewed, 75% believes that mobile banking has the following benefits: customer retention, enhancing loyalty, and continued revenue flow
  • 64% of the respondents feel that security is a crucial barrier that can hinder the success of mobile banking
  • 42% of the respondents also feel that added investments can slow down mobile banking
  • 60% of banks feel that cloud computing will help their business strategies
  • Efficiency improvements using cloud based solution: 77% in loan processing, 70% in card processing and 64% in mortgage processing
  • 65% of the CIOs believe that added budgets are required to meet business needs for new technology

Anthony Duffy, Director of Retail Banking, Fujitsu UK & Ireland: “The financial services industry has faced some tough challenges recently and will continue to do so for a few years, at least. Banks need to adapt, change and seek new revenue streams in order to thrive and succeed.”

Sourcetheintegratedretailer.com

Covered by my Visible Banking Team

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