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Outdated tech is slowing down finance decisions

(Image credit: Image source: Shutterstock/violetkaipa)

Businesses in the financial sector have identified outdated technology as among the main reasons for slow decision making.

This is according to a new report from Riverbed Technology, which claims almost half (44 per cent) of business decision makers in the industry point the finger at defunct technology.

The majority of business executives and IT decision makers also agree on the importance of investing in next-gen technology, which is expected to break the necessary boundaries to achieve innovation.

The report also found the majority of respondents consider visibility into network and application performance as crucial to both staff retention and business innovation.

This visibility, however, is often lacking and miscommunication between departments is also common. For example, 81 percent of business decision makers believe IT has a comprehensive overview of apps, networks and end users, while a third of IT decision makers report the opposite.

“In any situation, but especially during times of disruption, poor network performance has a serious impact on productivity," said Colette Kitterhing, Senior Director UK&I at Riverbed Technology

"This has a significant knock-on effect on the efficiency of business operations, potentially resulting in client loss and an inability to attain new contracts. But it can easily be prevented, if finance businesses are willing to rethink what’s possible through technology."

“During these unprecedented times where maintaining business continuity is essential, it is more important than ever for financial organizations to have the strong IT infrastructure they need for effective business operations."