TRANSFORM OR LOSE COMPETITIVE ADVANTAGE: The Pressure on FINANCIAL SERVICES Mark White, Senior Manager, Financial Markets and FinTech at Telehouse Europe explains why financial services organisations are accelerating their journey to the edge. inancial services enterprises are under greater pressure to digitally transform. According to new Telehouse research, more than four out of ten (42%) financial service enterprises need to transform their IT infrastructure or risk becoming less competitive – a figure significantly higher than the 34% average across other sectors. Pressure is being driven by a combination of factors, including customer demands for more connected, relevant and personalised experiences (46%), the need to simplify business and operating models to increase efficiency (46%), cyber security (44%) and the necessity to deliver new applications and services to customers (44%). The emergence of nimbler challenger banks and ambitious FinTechs has set the challenge for businesses across the sector to step up a gear and reshape their operations. For many, a shift from traditional onpremise infrastructure to a more modern mix of colocation, cloud and ultimately, edge computing is the answer. Scoping the challenge Today, financial services firms need to react quickly to regulatory demands and take advantage of market opportunities. Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s 41
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