Is IT failing in Financial services industry?

Over half of UK IT directors within the financial services sectors wish to upgrade their IT networks in a bid to boost network performance and deliver better business results, according to a Vanson Bourne survey of over 300 IT managers.

The study, commissioned by value-add distributor of best-of-breed open-system convergent solutions provider Zycko, discovered that 73% of financial services respondents are concerned about IT not delivering results for business. The same percentage also stated that they lost sleep over the poor performance of their IT systems.

In addition, 71% of respondents claimed that maintaining network performance for end users is their primary networking headache.

According to the research, 40% of financial services IT directors questioned admitted that being locked into proprietary systems with expensive licensing upgrades is their heaviest grievance.

Data management, such as securing increasing data volumes, also continues to plague financial services IT managers, with 39% admitting that it is a major headache.

Half of all respondents also admitted that they are not happy with their current supplier and 59% stated that they believe open standards networking will deliver significant cost savings, for example through improved choice and flexibility.