The changing role of IT and its impact on financial services

IT is fundamentally changing. A study carried out by MSM Software in conjunction with Dynamic Markets, shows that 97% of financial service IT managers believe the IT role has transformed over the past twelve months, most notably into a more strategic position.

Respondents cited the ways that the role of IT has changed include changing skill sets and IT staff spending less time running in-house systems. In fact, 37% of financial service IT managers state they no longer have sufficient resource to support existing business-critical IT systems.

With demands on the IT department increasing, this strain has left IT teams at breaking point - and there does not look to be any let up in sight. If IT functions cannot drive forward technology innovation a business will be put at great risk. Therefore, to maintain competitive advantage, businesses must embrace new IT strategies to meet the long-term objectives of the organisation, whilst ensuring that the department is not spreading itself too thin. As IT becomes more strategic, businesses must support the team with adequate resource, robust IT systems which are fit for purpose and a commitment to on-going investment.

This thought leadership paper looks at strategies IT departments can adopt to manage this change.