TECH BUYER Oct 2020 - IDC FutureScape - Doc # US45821120
IDC FutureScape: Worldwide Financial Services 2021 Predictions
By: Marc DeCastroResearch Director, Consumer Banking, Jerry SilvaProgram Vice President, Michael AranetaAssociate Vice President, IDC Financial Insights, Thomas ZinkResearch Director, Steven D’AlfonsoResearch Director, Compliance, Fraud and Risk Analytics Strategies, Sabitha Majukumar, Arpita MitraSenior Research Manager, Aaron PressResearch Director, Worldwide Payment Strategies, Martin Stiller, James Wester
This IDC Financial Insights study developed seven drivers that both CIOs and their business partners should consider over the next five years. The list is not meant to be exhaustive nor is it meant to be final. IDC Financial Insights publishes a new list of drivers annually, and many are evolutionary. Last year's drivers were instrumental in developing this list, just as this year's drivers will be critical to the formulation of next year's drivers.
Of the seven drivers, it became clear that some drivers had further reach within financial services than others. These drivers are more far reaching and thus are likely to have the most complexity and cost in implementation. Key drivers listed in the Summary of External Drivers section are in order based on the number of times they were cited by the global analyst team as impacting the prediction. At the end of the study (see the External Drivers: Detail section), a more in-depth analysis of the drivers is provided.
"2020 has certainly presented the biggest challenge to the financial services industry since the financial crisis in 2008," says Marc DeCastro, research director, IDC Financial Insights. "As we dealt with global pandemics, civil unrest, and natural disasters, institutions needed to run the organization while rapidly transition to a remote workforce, plan for a looming recession, and implement government mandates while allowing customers and employees the ability to work and conduct their business when branches were closed and call centers shuttered. Resilient organizations that had already invested heavily in transforming toward a digital model have fared better in meeting these new demands and are already focused on being innovative in the new normal."
IDC Financial Insights: Asia/Pacific Financial Services IT Strategies , IDC Financial Insights: European Banking Digital Transformation Strategies , IDC Financial Insights: Worldwide Banking Digital Transformation Strategies , IDC Financial Insights: Worldwide Compliance, Fraud and Risk Analytics Strategies , IDC Financial Insights: Worldwide Consumer Banking Engagement Strategies , IDC Financial Insights: Worldwide Corporate Banking Digital Transformation Strategies , IDC Financial Insights: Worldwide Insurance Digital Transformation Strategies , Worldwide Blockchain Strategies , Worldwide Payment Strategies