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Financial services resilience at risk through weak IT reports

A new global report from software firm ITRS Group warns that the financial services sector is crippled by the rapid pace of digital transformation, with 94% of survey respondents agreeing it is putting a strain on their IT systems.

no compromise

“Going forward, operational flexibility is something that companies cannot compromise on,” said Guy Warren, CEO of ITRS Group. “The pandemic has forced digital transformation to proceed at warp speed to allow businesses to keep up with rapidly changing norms and expectations. While there is no doubt that this change has brought with it significant benefits, it is only now as we bunker for a ‘Covid normal’ future that we are starting to see the cracks.”

Warren highlighted the over-reliance on complex digital systems and said that regulators and customers demand flexibility.

However, the report found that more than half of the firms surveyed reported at least one day of downtime each year. North America is more likely to have less downtime (1-8 hours) than peers in Europe and the Asia-Pacific, but outages of two days or more are also slightly more likely to occur.

With tight budgets, almost 8 out of 10 firms are dealing with low quality IT solutions that run the risk of further issues.

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