Lack of IT Resources Hitting Digital Transformation

by Edward O'Brien 0

More than half of bank executives think that a lack of available IT resources is slowing down their ability to mature digitally, according to a survey from Liferay. Liferay quizzed 70 execs about the digital banking landscape, finding that 87% consider technology intrinsic to digital transformation but 56% think a lack of resources in this area is hampering their efforts.

Compliance is the second most cited obstacle that is slowing down respondents’ ability to mature digitally, mentioned by 47%, with fragmented data resources named by 44%. Just seven per cent say that they face no significant obstacles.

Now that many banks and credit unions have wrestled funding that was previously reserved for legal and compliance initiatives, other challenges are emerging. Even with budgets available for expanded digital and omnichannel banking initiatives, personnel with skills in such areas are mobility, integration, analytics, and cloud computing are relatively rare in many financial institutions. Consequently, many FIs are working more closely with their core and channels providers to deliver partner-based solutions allowing various levels of tailoring or customizations. This in in turn can shorten the time to bring new and innovative solutions to market.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

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