Dive Brief:
- Two-thirds of executives in the financial services sector plan to boost tech spend on APIs, microservices and cloud in the coming year, according to a survey from Gartner released Thursday. The analyst firm polled 75 business and IT leaders in the financial services sector during April.
- More than half of leaders say they're planning to invest in automation technology that reduces the need for high-touch processes and boosts cost optimization.
- Business leaders in the financial services industry have a less favorable view of the tech stack compared to IT leaders. More than half of business leaders identify technology infrastructure as a "weakness," compared to 20% of IT leaders. The discrepancy signals an organizational "disconnect," which Gartner expects to continue unless CIO address the issue.
Dive Insight:
Financial services leaders report priorities that fit the overall focus of tech spend in the year ahead. Executives seek technology that can increase efficiency while helping reduce operating costs.
An interest in automation is uniting business leaders and CIOs. "It's clear that this area will be a key priority for financial services organizations post-COVID-19," said Nicole Sturgill, research VP at Gartner, in a release.
Cognitive and AI tools, essential to automating processes within the enterprise, are one of the top technology areas business leaders say will help respond to the coronavirus pandemic, according to Deloitte data. Cloud and cybersecurity round out the top three.
But to enhance the efficacy of tech spend, financial services CIOs "must take immediate action to understand why business leaders felt that technology was a weakness," said Sturgill. Dialogue between the two can guide new technology investments to meet priority needs.
In the C-suite, a partnership between CFOs and CIOs can deliver value for organizations seeking digital transformation. With CIOs identifying technology and CFOs helping manage cost, combined efforts stand to accelerate technology adoption.
