The rate at which technology has grown at in Ireland over the past few decades is well documented, touching many different sectors, none more so then the Financial Services Industry. The evolution starting from the first connection between two military computers in 1969; to the present day where 3.5 billion people have access to the Internet shows no sign of slowing down. The digital revolution will continue to drive forward around the world including within the Financial Services Industry.
Massive developments have occurred in the Financial Services sector since the inception of Modern banking in 1868. It has seen radical changes through the growth and resurgence of new technology and innovation right through the 2008 Financial Crash and post Brexit referendum.
Ireland today has a thriving and growing IFS sector making a massive contribution to the overall economy. The core of the IFS is made up of 430 IDA Ireland and Enterprise Ireland client companies that provide internationally-traded financial services and technologies. Ireland is well regarded as a competitive location for IFS services however; the industry today is faced with significant challenges. This number is also predicted to increase with the UK’s Departing of the EU.
Challenges
Many financial services firms are struggling with outdated legacy platforms and I.T architecture which in turn is preventing their growth and ability to be innovative. The financial industry has changed as people's faith in the banking institutions has been altered by the crash of 2008. The lending platform has seen new innovative transitions in the market
Consumer expectations
These days it’s all about the customer experience, and many banks are feeling pressure because they are not delivering the level of service that consumers are demanding, especially in regards to technology.
Regulatory pressure
Regulatory requirements continue to increase, and banks need to spend a large part of their discretionary budget on being compliant, and on building systems and processes to keep up with the escalating requirements. With the implementation of GDPR on the horizon, many financial organisations are going to face implementing many new directives regarding compliance.
Cyber security
By the very nature of their business, financial service companies possess vast quantities of highly sensitive information. When such information is compromised—whether by determined cyber criminals or individuals within the organization by accident—the consequences, in terms of reputational damage and monetary losses, could be significant.
Traditionally, the Finance Sector have always been highly aware of the importance of safeguarding customer and transaction data and have taken all the steps deemed necessary to do so. In the current environment, however—with organised cyber criminals running industrialised hacking operations and freely selling and/or sharing information about institutional vulnerabilities— Finance Companies may be dealing with forces that cannot be addressed exclusively by internal resources.
If you would like to stay ahead of the curve, contact IT Force for more info on our IT security solutions. You can also look at our recent webinar on the threat landscape at the moment.
