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IDC Release Finance Technology "Radar"

  • 02 October, 2007 11:19

<p>SYDNEY, Tuesday, 2 Oct 2007 - IDC have launched a finance radar for 2007, this is a tool which positions a number of hot technology issues relative to each other. The IDC finance radar graphically depicts a number of "hot" issues by assessing the two major factors: when will the issue become critical, and how "hot" an issue will become.</p>
<p>From the finance industry perspective the key "hot" issues on the radar are:</p>
<p># Compliance to regulatory pressures is a top business challenge and driver of IT spending for this sector. Regulations like Sarbanes-Oxley are catalysts for process changes. Therefore the systems that support these processes must change as well.</p>
<p># Customer retention and acquisition. In their quest to increase market share and grow revenue, banks are focused on new products or services. Time to market is important for banks to get any edge on the competition. Institutions want to be sure that their IT infrastructure can easily absorb changes that an acquisition, new location, product, or service might bring to the business. They must be technically ready and flexible. As a result, they are pushing for more responsiveness and flexibility throughout their infrastructure.</p>
<p># Selective sourcing. In the selective outsourcing model, an organisation chooses to outsource a proportion of their IT infrastructure. Separate agreements can be established covering specific areas such as networking, desktop, applications and the help desk.</p>
<p># Security. Privacy of data and secure transactions must be ensured. As security demands are acute for this sector because the community sets a higher expectation for information related to their finances and insurance, and breaches in security have the potential to impact public trust and brand.</p>
<p>Phillip Allen, IDC's Research Manager for Vertical Markets says "This sector is seeking to use technology to serve consumers who have become increasingly demanding - for greater convenience, flexibility, better services and lower prices."</p>
<p>About the IDC Radar
IDC have developed the finance IT radar to illustrate the take off point for technology on the horizon for financial institutions.</p>
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<p>IDC are holding a closed Executive Round Table on Wednesday, 7th of November at the Four Seasons Hotel in Sydney for the banking, insurance and capital markets industries. Expressions of interest to attend this exclusive roundtable can be lodged with Alison Mee at amee@idc.com</p>
<p>If you would like further information or to purchase IDC research, please contact Gary Clarke, IDC Associate VP of Sales via email gclarke@idc.com or phone 02 9925 2226.</p>
<p>****************************************************************</p>
<p>For press enquiries please contact:
Phillip Allen
Research Manager, Vertical Markets
Phone: 61 2 9925 2276
Email: pallen@idc.com</p>
<p>****************************************************************</p>

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