43 per cent of chief information officers (CIOs) working in financial services say that limited collaboration between teams disrupts IT’s ability to respond quickly to sudden changes, according to new research.

A global study from Dynatrace, which surveyed 176 CIOs in the financial services sector, revealed that IT teams in the industry could be struggling to keep up with digital transformation.

91 per cent of those surveyed said that digital transformation has already accelerated, while a further 57 per cent predict it will continue to speed up.

90 per cent of respondents said IT’s ability to maximise value for the business is hindered by challenges, including IT and business teams working in silos.

66 per cent of the CIOs that responded to the survey said they are fed up with the need to piece together data from multiple tools to assess the impact of IT investments on the business.

“Consumers are relying on online and mobile financial services now more than ever. As a result, digital capabilities have become critical to driving revenues and enhancing customer relationships for banks, fintechs, insurers, and other financial services providers,” said Abdi Essa, regional vice president, UK&I. “However, the pressure that their IT teams are under to meet this demand for faster innovation and improved financial services experiences is outstripping what they can deliver. Siloed teams, a lack of cross-team collaboration, and the absence of a single source of truth all hinder IT departments from achieving business goals.”

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