81% of Global Financiers Say Legacy IT Inhibits Business Change
PR95252
LONDON, Mar. 31, 2022 /PRNewswire=KYODO JBN/--
- Economist Intelligence Unit uncovered the scale of technical debt in
financial services in a report sponsored by Appian
Appian (
) (NASDAQ: APPN) today reveals that global leaders in financial services and
insurance (FSI) believe that legacy IT infrastructure and applications are
holding back their business transformation aspirations and automation
objectives. These are the findings of a new report, "Financiers ridden with
technical debt (
)," from The Economist Intelligence Unit (The EIU), supported by Appian. The
report's findings are rooted in a survey conducted by The EIU of more than
1,000 IT decision-makers (ITDMs) and senior business executives at financial
services, banking, and insurance corporations around the globe.
Photo -
https://mma.prnewswire.com/media/1777107/The_Economist_Intelligence_Unit.jpg
Logo - https://mma.prnewswire.com/media/1488235/Appian_Logo.jpg
Logo - https://mma.prnewswire.com/media/1777108/Aegon_Logo.jpg
The need for business agility, spurred by recent global events, is causing FSI)
organizations to reimagine how they do business as they work at an accelerated
pace to adapt to change. Notably, close to three-quarters (71%) of ITDMs in FSI
organizations report that the growth of technology project requests exceeds IT
budget growth, which is higher than the global average of 64%. Other key
findings include:
-- 87% of respondents say their organization has encountered operational
difficulties in addressing the challenges posed by the pandemic.
-- 81% of FSI leaders say their organization needs to improve its
IT infrastructure and applications to better adapt to external change.
-- 44% of ITDMs believe inadequate collaboration between the IT function
and business units is a chief barrier to digitization, compared to 27%
of business decision-makers.
According to survey findings, automation is viewed as being one of the most
important technologies over the next 12 months by 31% of global financial
services executives. The report highlights that more than a third (34%) of
ITDMs believe that the reduction or elimination of legacy IT would most help
their organization achieve its automation objectives. However, only 17% of
financial services business decision-makers believe that overcoming legacy IT
would be a key factor in helping their firms to embrace automation.
Aegon (
), one of the world's leading providers of life insurance, pensions and asset
management, has been able to accelerate their delivery of IT applications by
embracing digital automation and innovation.
"Automation initiatives are not easy and, with lots of teams launching projects
in different groups, we risk making the same mistakes repeatedly. Building a
central automation advisory group allowed our project teams to be independent
and agile, but also benefit from experience and hard-won expertise," said Boris
Buis, Intelligent Automation and BPM Lead at Aegon.
In 2018, Aegon introduced governance, security and provisioning across the
organization within the DevOps space with 20 applications and 10 teams working
with Appian. Today, Aegon's Intelligent Automation Team has 8 total full time
employees with 2 dedicated to Appian and enables more than 16 federated DevOps
teams within the business to support over 50 applications.
"Financial services and insurance companies must bolster collaboration between
IT teams and the business units they serve. Both groups recognize the need to
collaborate more to meet their digital and automation ambitions with speed,
quality, and security. Our report shows that by working together, modernizing
dated legacy systems, and adopting agile methodologies, organizations can
overcome barriers to digitization," said Michael Heffner, VP of Solutions and
Industry Go-to-Market at Appian.
Download the full Economist Intelligence Unit report (
), sponsored by Appian, to read about the research and findings.
About the Report
"Financiers ridden with technical debt" reveals findings from a - survey-based
report written by The Economist Intelligence Unit and supported by Appian,
conducted between May and June 2021. The 1,002 survey respondents represent IT
and business decision-makers across six sectors (financial services, insurance,
healthcare, the public sector, oil and gas, and energy and utilities) and nine
countries (the US, Canada, France, Germany, Italy, the Netherlands, Spain, the
UK and Australia). One-third are C-level executives, the remainder work at
director level or above. Half of the respondents work in organizations with
annual revenues of over US$1bn. The report supplements survey findings with
secondary research and in-depth interviews with financial services and
insurance experts.
About Appian
Appian is the unified platform for change. We accelerate customers' businesses
by discovering, designing, and automating their most important processes. The
Appian Low-Code Platform combines the key capabilities needed to get work done
faster, Process Mining + Workflow + Automation, in a unified low-code platform.
Appian is open, enterprise-grade and trusted by industry leaders. For more
information, visit: appian.com (
).
Follow Appian: Twitter (
), LinkedIn (
).
SOURCE: Appian
CONTACT: Ben Farrell
VP Corporate Communications, Appian
+1-703-442-1067
communications@appian.com
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。
