Cloud database company Couchbase has highlighted the main challenges that financial service providers face when trying to meet growing customer expectations.
According to the company, being rushed to complete a digital transformation to survive in this highly competitive environment carries drawbacks, which can hurt businesses’ efficiency.
A total of 83% of IT leaders from banks, insures and other financial service providers have all reported crunch-time related challenges that have hindered their development teams, such as having to do too much in too little time (54%) or difficulties when trying to satisfy deadlines and agility requirements (30%). Not making the situation easier, Couchbase reports that over three-quarters (77%) of IT leaders cannot properly support their teams.
Perry Krug, Director of Shared Services at Couchbase, said: “Amid the race to complete digital transformation projects in the sector, where developers must balance the security of sensitive customer data alongside expectations for remote access and seamless digital experiences, these barriers impacting developers jeopardise businesses’ progress.
“Firms need to recognize their reliance on developers at this time, and work to give them the right resources and support. After all, without successful digitization projects, financial services firms will fall behind the competition.”
A total of 650 senior IT decision makers were questioned in the survey, with the majority of cases revealing that despite their contribution to all internal digital transformation initiatives, development teams are still missing relevant resources and lack enough communication with their superiors.
Krug continued: “Digital ambition will fall flat for financial services providers unless they can support development teams to build great applications. And in the fast-paced financial services market, firms must be proactive in addressing these challenges to ensure success in a time of product-led growth.”