Riverbed® revealed today that 90% of IT decision makers (ITDMs), and 86% of business decision makers (BDMs) in the financial sector see digital performance as vital to business growth. Furthermore, almost half (44%) of finance BDMs state that slow running and outdated technology is currently impacting their businesses’ ability to commercially develop. These are two of the findings from Riverbed’s latest report – ‘Rethink Possible: Visibility and Network Performance – The Pillars of Business Success’– which reveals a definite link between strong IT infrastructure and financial institutions’ success.
The survey also found that 81% of IT and BDMs in the finance sector see visibility into network and application performance as key to both staff retention and business innovation. This is higher than the 73% of C-Suite executives that agree industry-wide; demonstrating the heightened importance of effective technology to business success in the financial sector.
Commenting on the report findings, Colette Kitterhing, Senior Director UK&I at Riverbed Technology at Riverbed Technology, said: “During these unprecedented times where maintaining business continuity is essential, it is more important than ever for financial organisations to have the strong IT infrastructure they need for effective business operations. In particular, the shift to a more distributed workforce as a result of COVID-19, has emphasised the importance of visibility across network and application performance to ensure that employees can remain productive whilst working from anywhere. Given the links between IT performance, staff productivity and competitive advantage, it is encouraging to see financial decision makers recognise the importance of visibility in optimising network infrastructure.”
Poor visibility into system performance blocks technological investment
Despite the importance of strong IT infrastructure in finance, full and consistent visibility into its performance is lacking. In particular, there is a disconnect between the visibility IT staff in financial institutions have and the visibility their business counterparts believe they have. In fact, 81% of BDMs believe IT has a comprehensive overview of applications, networks and end-users; yet one in three ITDMs report they do not have this. Given this, it is unsurprising that three-quarters of all finance groups surveyed (73% of ITDMs and 75% of BDMs) report frustrations with the performance of their networks. The inability to identify poor performance underplays the need to invest in new technology. This ultimately stands in the way of financial companies improving their productivity and boosting innovation to get ahead of the curve.
Evolving business needs call for updated IT infrastructure
The technology financial companies depend on must evolve in line with the constantly changing requirements of the sector. It is positive to see that financial ITDMs and BDMs recognise this necessity – 83% of BDMs and 77% of ITDMs argue that investing in next-generation technology is vital. With a further 78% of ITDMs recognising their IT infrastructure will need to actively evolve in the next five years to support new ways of doing business. Additionally, 97% of all respondents stated innovation and breaking boundaries is crucial to the success of financial businesses.
Kitterhing continued: “In any situation, but especially during times of disruption, poor network performance has a serious impact on productivity. This has a significant knock-on effect on the efficiency of business operations, potentially resulting in client loss and an inability to attain new contracts. But it can easily be prevented, if finance businesses are willing to rethink what’s possible through technology.
“We, at Riverbed, want to help financial ITDMs and BDMs appreciate the importance of coming together to discuss where the visibility challenges in their businesses lie and assist them in identifying which solutions will help tackle these challenges. This will ensure employees can enjoy seamless digital experiences and lay the foundation for productivity and innovation. These benefits will ultimately be passed on to the customer, helping the finance sector thrive.”
Rethink Possible: Evolving the Digital Experience
More than 80% of all finance leaders (83% BDMs and 84% of ITDMs) agree that businesses must rethink what’s possible to thrive in today’s challenging business climate. Technology is the enabler in this process. Riverbed’s portfolio of next-generation solutions is giving customers across the globe the visibility, acceleration, optimization and connectivity that maximizes performance and visibility for networks and applications.