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Unveiling Strategic Trends in Global Finance, Banking, and Insurance - IT Executive Survey 2023

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Enterprise Management Associates
Enterprise Management Associates

Based on the IT Executive Survey 2023 fielded by leading IT analyst research firm EMA and global analytics software firm FICO, these slides explore key trends and opportunities shaping the technology landscape in the global banking, finance, and insurance industries. It will also examine how technology executives are aligning with their business counterparts to drive strategic outcomes. You will also learn more about: - Top technology-related priorities for banks and insurers, along with strategies to address significant challenges. - Changing technology buying behavior and considerations for selecting new technology solutions. - Strategies for maximizing the value of data and AI investments within enterprises. - The benefits of a unified platform approach and its impact on other initiatives, such as cloud adoption and legacy modernization.

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| @ema_research Tech Horizons: Unveiling Strategic Trends in Global Finance, Banking, and Insurance - IT Executive Survey 2023 Dan Twing President and COO Enterprise Management Associates (EMA) Thiago Da Costa Senior Director of Platform Pre-Sales FICO
| @ema_research 2 Watch the On-Demand Webinar • Tech Horizons: Unveiling Strategic Trends in Global Finance, Banking, and Insurance - IT Executive Survey 2023 On-Demand Webinar: https://info.enterprisemanagement.com/it-executive-survey-2023- webinar-ss • Check out upcoming webinars from EMA here: https://www.enterprisemanagement.com/freeResearch © 2023 Enterprise Management Associates, Inc.
| @ema_research | @ema_research Featured Speakers Dan is responsible for developing and executing strategic market research, delivering value to IT organizations through consulting engagements, and directing product developments and marketing efforts. Dan joined EMA in 2005 and has over 25 years of experience in information systems, software development, and technology outsourcing. Dan focuses on all aspects of intelligent and automated management of IT. © 2023 Enterprise Management Associates, Inc. 3 Dan Twing President and COO EMA Thiago Da Costa Senior Director of Platform Pre-Sales FICO Thiago leads a team that is helping customers achieve their business goals using the best possible technologies in conjunction with FICO solutions. He has over a decade of experience with AI decisioning platforms and has been with FICO for over 16 years across a broad range of roles, from business rules consulting to solution architecture. In this time, he has amassed broad and diversified experience working globally with financial services and insurance institutions on their digital transformation journeys.
| @ema_research | @ema_research The Role of Technology Leaders in Accelerating Digital Innovation ➢ A “digital first” vision of customer experiences across all areas of a business. ➢ A fundamental change to how the business operates and maximizes value to customers. ➢ Digital transformation can unify massive amounts of heterogeneous customer data and tailor it into individualized, personalized customer treatments. ➢ This increases customer satisfaction, loyalty, and retention to ultimately maximize lifetime customer value. ➢ Rapid innovation and disruption from fast-moving fintechs, neobanks, and insurtechs add urgency to digitalization and modernization efforts. © 2023 Enterprise Management Associates, Inc.
| @ema_research | @ema_research The Role of Technology Leaders in Accelerating Digital Innovation ➢ Heightened customer expectations demand always-on, highly personalized experiences. ➢ Requires a technology ecosystem that is highly stable, secure, and resilient – yet flexible enough to quickly adapt to new market threats and opportunities. ➢ Solutions must also take advantage of the latest advancements in AI and real-time decision intelligence. ➢ Technology executives are developing deeper partnerships with business peers to align on strategic priorities and drive transformational outcomes. ➢ Key structural and architectural decisions will take years to implement and years to undo if they are not right. © 2023 Enterprise Management Associates, Inc.
| @ema_research Survey Participants
| @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 7 Sample Size = 102
| @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 8 Sample Size = 102
| @ema_research How IT Leaders Are Measured
| @ema_research | @ema_research How IT Leaders Are Measured Customer Experience Outcomes © 2023 Enterprise Management Associates, Inc. 10 Sample Size = 102 A partnership mentality between IT and business operations is critical to remain competitive in today’s customer-focused landscape.
| @ema_research Top Strategic IT Priorities
| @ema_research | @ema_research Top Strategic IT Priorities Creating IT and Business Partnerships © 2023 Enterprise Management Associates, Inc. 12 Sample Size = 102 The top priorities show that IT is becoming more strategic in how they work with and enable their business peers.
| @ema_research | @ema_research Top Strategic IT Priorities Composability Sophistication © 2023 Enterprise Management Associates, Inc. 13 Sample Size = 102 By putting more control in the hands of business users, IT can accelerate time-to-market of new strategies and solutions.
| @ema_research Top IT Pain Points
| @ema_research | @ema_research Top IT Pain Points Technology Integrations, Data Silos, and Flexibility © 2023 Enterprise Management Associates, Inc. 15 Sample Size = 102 81% Strongly Agree or Agree that data integration across business functions is a challenge. 84% Strongly Agree or Agree that proliferation of disparate solutions is a concern when considering new solutions.
| @ema_research | @ema_research Top IT Pain Points Technology Integrations, Data Silos, and Flexibility © 2023 Enterprise Management Associates, Inc. 16 Sample Size = 102 As technology leaders modernize applications across the technology stack, they must consider how new technology will work alongside and augment existing systems.
| @ema_research | @ema_research It would be management of funds for technology. We need to invest even more. If you could change one thing about your organization’s technology strategy, what would it be? © 2023 Enterprise Management Associates, Inc. 17 Accelerate the popularization and use of AI. Modern, interactive digital platforms may be utilized to celebrate change early and often recognizing modest achievements helps generate momentum and promote strong business values during the change. I would like to change and improve the accessibility of the data and their sources. The one thing would be formulating a realistic implementation plan. More support for the exploration of cutting- edge technologies.
| @ema_research Technology Buying Decisions
| @ema_research | @ema_research Technology Buying Decisions Top Considerations When Selecting New Technology © 2023 Enterprise Management Associates, Inc. 19 Sample Size = 102 IT leaders need to balance short-term benefits with long-term strategic concerns.
| @ema_research | @ema_research Technology Buying Decisions Preference for a Unified Enterprise Platform Approach © 2023 Enterprise Management Associates, Inc. 20 Sample Size = 102 More than half of the IT leaders surveyed are ready to default to a unified platform. Such platforms are often easier to deploy, may have out-of-the-box integration with key systems, and require no integration for the capabilities contained within the platform.
| @ema_research Enabling the Data-Driven Enterprise
| @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 22 Sample Size = 102 Enabling the Data-Driven Enterprise Capability Investments
| @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 23 Sample Size = 102 Enabling the Data-Driven Enterprise Level of Maturity
| @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 24 Sample Size = 102 Enabling the Data-Driven Enterprise Impediments to Data-Driven Decisioning A decision intelligence platform needs to provide transparency, explainability, and traceability into how decisions are being made. This helps ensure applied AI is safe, trustworthy, and unbiased. This is particularly important in a highly regulated industry.
| @ema_research | @ema_research How Banking, Finance, and Insurance Institutions Can Better Position Themselves To Succeed © 2023 Enterprise Management Associates, Inc. 25 ➢ Unifying and mobilizing the organization around a common, interoperable platform. ➢ Combining IT leadership and business users’ domain expertise for maximum business impact. ➢ Broadly deploying and leveraging data and other knowledge assets at every decision point. ➢ Using AI-powered capabilities, such as mathematical optimization, to fine-tune strategies. ➢ Delivering automated, seamless, hyper- personalized customer experiences at scale.
26 Learn more at FICO.com/platform Let’s get started! Radically accelerate critical business outcomes

More Related Content

Unveiling Strategic Trends in Global Finance, Banking, and Insurance - IT Executive Survey 2023

  • 1. | @ema_research Tech Horizons: Unveiling Strategic Trends in Global Finance, Banking, and Insurance - IT Executive Survey 2023 Dan Twing President and COO Enterprise Management Associates (EMA) Thiago Da Costa Senior Director of Platform Pre-Sales FICO
  • 2. | @ema_research 2 Watch the On-Demand Webinar • Tech Horizons: Unveiling Strategic Trends in Global Finance, Banking, and Insurance - IT Executive Survey 2023 On-Demand Webinar: https://info.enterprisemanagement.com/it-executive-survey-2023- webinar-ss • Check out upcoming webinars from EMA here: https://www.enterprisemanagement.com/freeResearch © 2023 Enterprise Management Associates, Inc.
  • 3. | @ema_research | @ema_research Featured Speakers Dan is responsible for developing and executing strategic market research, delivering value to IT organizations through consulting engagements, and directing product developments and marketing efforts. Dan joined EMA in 2005 and has over 25 years of experience in information systems, software development, and technology outsourcing. Dan focuses on all aspects of intelligent and automated management of IT. © 2023 Enterprise Management Associates, Inc. 3 Dan Twing President and COO EMA Thiago Da Costa Senior Director of Platform Pre-Sales FICO Thiago leads a team that is helping customers achieve their business goals using the best possible technologies in conjunction with FICO solutions. He has over a decade of experience with AI decisioning platforms and has been with FICO for over 16 years across a broad range of roles, from business rules consulting to solution architecture. In this time, he has amassed broad and diversified experience working globally with financial services and insurance institutions on their digital transformation journeys.
  • 4. | @ema_research | @ema_research The Role of Technology Leaders in Accelerating Digital Innovation ➢ A “digital first” vision of customer experiences across all areas of a business. ➢ A fundamental change to how the business operates and maximizes value to customers. ➢ Digital transformation can unify massive amounts of heterogeneous customer data and tailor it into individualized, personalized customer treatments. ➢ This increases customer satisfaction, loyalty, and retention to ultimately maximize lifetime customer value. ➢ Rapid innovation and disruption from fast-moving fintechs, neobanks, and insurtechs add urgency to digitalization and modernization efforts. © 2023 Enterprise Management Associates, Inc.
  • 5. | @ema_research | @ema_research The Role of Technology Leaders in Accelerating Digital Innovation ➢ Heightened customer expectations demand always-on, highly personalized experiences. ➢ Requires a technology ecosystem that is highly stable, secure, and resilient – yet flexible enough to quickly adapt to new market threats and opportunities. ➢ Solutions must also take advantage of the latest advancements in AI and real-time decision intelligence. ➢ Technology executives are developing deeper partnerships with business peers to align on strategic priorities and drive transformational outcomes. ➢ Key structural and architectural decisions will take years to implement and years to undo if they are not right. © 2023 Enterprise Management Associates, Inc.
  • 7. | @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 7 Sample Size = 102
  • 8. | @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 8 Sample Size = 102
  • 9. | @ema_research How IT Leaders Are Measured
  • 10. | @ema_research | @ema_research How IT Leaders Are Measured Customer Experience Outcomes © 2023 Enterprise Management Associates, Inc. 10 Sample Size = 102 A partnership mentality between IT and business operations is critical to remain competitive in today’s customer-focused landscape.
  • 12. | @ema_research | @ema_research Top Strategic IT Priorities Creating IT and Business Partnerships © 2023 Enterprise Management Associates, Inc. 12 Sample Size = 102 The top priorities show that IT is becoming more strategic in how they work with and enable their business peers.
  • 13. | @ema_research | @ema_research Top Strategic IT Priorities Composability Sophistication © 2023 Enterprise Management Associates, Inc. 13 Sample Size = 102 By putting more control in the hands of business users, IT can accelerate time-to-market of new strategies and solutions.
  • 14. | @ema_research Top IT Pain Points
  • 15. | @ema_research | @ema_research Top IT Pain Points Technology Integrations, Data Silos, and Flexibility © 2023 Enterprise Management Associates, Inc. 15 Sample Size = 102 81% Strongly Agree or Agree that data integration across business functions is a challenge. 84% Strongly Agree or Agree that proliferation of disparate solutions is a concern when considering new solutions.
  • 16. | @ema_research | @ema_research Top IT Pain Points Technology Integrations, Data Silos, and Flexibility © 2023 Enterprise Management Associates, Inc. 16 Sample Size = 102 As technology leaders modernize applications across the technology stack, they must consider how new technology will work alongside and augment existing systems.
  • 17. | @ema_research | @ema_research It would be management of funds for technology. We need to invest even more. If you could change one thing about your organization’s technology strategy, what would it be? © 2023 Enterprise Management Associates, Inc. 17 Accelerate the popularization and use of AI. Modern, interactive digital platforms may be utilized to celebrate change early and often recognizing modest achievements helps generate momentum and promote strong business values during the change. I would like to change and improve the accessibility of the data and their sources. The one thing would be formulating a realistic implementation plan. More support for the exploration of cutting- edge technologies.
  • 19. | @ema_research | @ema_research Technology Buying Decisions Top Considerations When Selecting New Technology © 2023 Enterprise Management Associates, Inc. 19 Sample Size = 102 IT leaders need to balance short-term benefits with long-term strategic concerns.
  • 20. | @ema_research | @ema_research Technology Buying Decisions Preference for a Unified Enterprise Platform Approach © 2023 Enterprise Management Associates, Inc. 20 Sample Size = 102 More than half of the IT leaders surveyed are ready to default to a unified platform. Such platforms are often easier to deploy, may have out-of-the-box integration with key systems, and require no integration for the capabilities contained within the platform.
  • 22. | @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 22 Sample Size = 102 Enabling the Data-Driven Enterprise Capability Investments
  • 23. | @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 23 Sample Size = 102 Enabling the Data-Driven Enterprise Level of Maturity
  • 24. | @ema_research | @ema_research © 2023 Enterprise Management Associates, Inc. 24 Sample Size = 102 Enabling the Data-Driven Enterprise Impediments to Data-Driven Decisioning A decision intelligence platform needs to provide transparency, explainability, and traceability into how decisions are being made. This helps ensure applied AI is safe, trustworthy, and unbiased. This is particularly important in a highly regulated industry.
  • 25. | @ema_research | @ema_research How Banking, Finance, and Insurance Institutions Can Better Position Themselves To Succeed © 2023 Enterprise Management Associates, Inc. 25 ➢ Unifying and mobilizing the organization around a common, interoperable platform. ➢ Combining IT leadership and business users’ domain expertise for maximum business impact. ➢ Broadly deploying and leveraging data and other knowledge assets at every decision point. ➢ Using AI-powered capabilities, such as mathematical optimization, to fine-tune strategies. ➢ Delivering automated, seamless, hyper- personalized customer experiences at scale.
  • 26. 26 Learn more at FICO.com/platform Let’s get started! Radically accelerate critical business outcomes