Financial institutions are increasingly leveraging advanced IT solutions to enhance their operations, improve customer experiences, and stay competitive. IT teams in financial services face a unique and significant responsibility to protect their clients’ money and investments. Recent research has uncovered a number of trends that stand out for the Financial Services industry and may help inform planning for next year.
For a deeper dive into the leading issues IT teams in financial services face, Auvik recently released its 2024 Financial Services IT Trends Report. The report surveyed 2,000+ IT professionals about current IT trends and compared the results from professionals working in the financial services industry to the larger sample group. FinServ IT departments often stood apart from—and sometimes above—their peers in other industries. A few key findings:
FinServe IT Departments face greater security threats
With the increasing digitization of financial services, it’s not surprising cybersecurity has become a top priority for financial institutions. In 2023, financial services overtook healthcare as the industry seeing the most targeted cyberattacks—in fact, one study found cybercriminals are up to 300 times more likely to target the industry than other institutions. With the rise in cyber threats and data breaches, many organizations are investing heavily in advanced cybersecurity measures. In the 2024 Financial Services IT Trends Report, more than half of financial services IT professionals cite security and compliance regulations as their top challenges today (53%), followed closely by the shortage of skilled IT professionals (49%), network visibility (48%), and infrastructure and performance (48%).
