Written by Artyom Geniev, Industry Director, FSI EMEA
These are uncertain times for the financial services industry in Europe as incumbent institutions face significant challenges on multiple fronts. It’s almost a perfect storm of declining profitability, waning loyalty, rising service level expectations, evolving cyberthreats, and disruption caused by new market entrants.
For these financial institutions, the best defence against disruption is their in-house development teams. But herein lie a number of other challenges – currently, there’s a dearth of quality tech talent and staff retention is difficult.
At the same time, enabling this talent through the deployment of the right technology is just as tough. To deliver their best, they need a working environment where infrastructure, tools, processes, and systems are standardized to meet the goal of accelerating time-to-market of new products and services, as a way to boost CX, differentiate, and open new revenue streams and routes to profit.
The sector-wide trend is for regulation to continue broadening and deepening. At the same time, risk will continue to evolve and become more complex. Within this climate, banks are still trying to find a way to deliver a strategic response. How can they deliver financial wellbeing and make a difference in their customers’ lives when faced with these considerable challenges?
In a word? Velocity. Actually, it’s more like two words: Developer Velocity.
Banks can innovate their way to success by speeding up time to market (TTM) of new customer apps and services. Improving business performance through software development is not a radical approach, in fact there’s a direct correlation between companies in the top quartile of the Developer Velocity Index (DVI) and higher performance and revenue growth.
Yet improving TTM with the adoption of agile processes, banks will be able to retain and challenge their best IT talent, increase efficiencies and reduce costs through automation, combat operational and cyber risk in a more robust manner and enhance customer experience.
A recent study by Forrester reinforced these points – with over 87% of IT leaders in the Financial Services space agreeing that modernising their app portfolio would improve customer experience, and over 79% agreeing that improving customer experience is tied to revenue growth.
At this point, you might be wondering aloud, “Sounds great, but how?”
Well, this is where VMware is in a unique position to help. The value we provide to the banking industry lies with our cloud, data and experience platforms’ ability to differentiate, simplify, streamline and achieve operational excellence.
VMware can provide secure end-to-end enterprise-grade platforms to enable, de-risk and accelerate all IT Initiatives while reducing costs, streamlining IT management, and improving the release velocity through extended use of the cloud.
All of which presents a significant opportunity for those organisations who want to address their challenges head on and get the edge on their competitors.
We work diligently to establish effective partnerships and collaborations in order to develop success plans based on your specific objectives. We have the expertise, processes and vision to help you double down on developer velocity and achieve faster TTM.
And those organisations that achieve better TTM stand to:
- Realise new and incremental income potential
- Reduce credit and compliance risk
- Attract an engaged and talented team
- Embed ESG into every operational aspect
- Reduce operational and security risks
- Attract and retain customers for life
To learn more about what VMware can deliver, please reach out to: Artyom Geniev, Industry Director, FSI EMEA at [email protected] or on LinkedIn.
