Financial services firms relying on technology upgrades to make them more competitive and profitable must review their exploration stages to ensure success, according to new research from Greenwich Associates, commissioned by Finastra.
The new report series, Ensuring Successful IT Transformations in 2020 and Beyond, examines technology transformation firms and the critical elements involved. It identifies the key drivers of success to help financial services companies complete their transformations effectively, on budget and on time.
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For instance, almost half of technology executives believe that better-defined scope and goals are needed to improve success rates in technology transformation programs, and 31% noted that setting realistic timeframes and budget would improve the ability to meet their strategic objectives.
Key findings focus on ensuring success in major technology projects:
- Technology professionals at some of the world’s largest financial services companies report that the success or failure of major technology projects is often determined well before the hands-on work of execution begins.
- When it comes to ensuring the success of a technology project, the most common advice from these professionals is to:
1) Take a holistic view of technology transformations
2) Use cloud technology to your advantage
3) Find technology partners who take an outcome-oriented, customer-centric approach
4) Choose a vendor which acts as a strategic partner and will fully engage during the lifecycle of the systems.
“While there is no one-size-fits-all model that can make a financial services firm successful in its journey, the costs of not acting—or falling short on execution—are growing each day,” said David Stryker, Greenwich Associates consultant and author of the new report.
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Andrew Skehel, Executive Vice President, Global Services at Finastra said, “We invested in this research to ensure we’re staying abreast of market trends so that we can drive the next generation of Finastra Services and, ultimately, be able to continue accelerating value for our customers. Our commitment is to provide leading software and services that deliver better, faster, and more positive outcomes for our customers and in turn their customers.”
Finastra has developed a transformational portfolio of services that drives success, based on customers’ long-term objectives. With this research and customer feedback, the company will continue to bolster its suite of services to provide growth for customers through strategic partnerships that deliver superior quality at every stage of the lifecycle.
“Organizations from the largest global investment banks or asset managers to small regional or community banks are leveraging technology’s to find innovative ways to drive improvements in both the top and bottom lines,” adds David Stryker. “Companies that are most effective in managing their technology transformations will reap the benefits well into the new decade.”
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