- FCA fines UBS £27.6m for transaction reporting failures
- S&P report says increasing disclosure could shine more light on bank resolvability
- Equfund relaunches Reap to address housing shortage
- Lloyds CEO gives up final salary pension after growing pressure
- Millennials are using "chat" to discuss investments with wealth managers, says GlobalData
- NatWest launches ‘Back Her Business’ female-only crowdfunding
- Barclays to sponsor the FA Women's Super League expired
- Cambridge & Counties joins National Association of Commercial Finance Brokers expired
- Lloyds commits over £9m to support SME apprenticeships in the UK expired
- Buy-to-let market beats gold, cash and fine art for investment returns, finds VeriSmart expired
- UK's wealthy frustrated by struggles with high-street banks, says BML expired
- Brexit has inflicted serious damage on UK financial services, says deVere expired
20th March 2018
Financial services now paving the way for digital transformation
Independent SAP consultancy Centiq has revealed financial services (FS) are heavily investing in customer insight tools to accelerate their digital transformation. Some 250 users of SAP’s digital platform of choice, SAP HANA, took part in ‘The Centiq State of HANA Report 2018’, believed to be the largest ever independent research into this community.
• FS organisations are using SAP HANA for data integration (63 per cent), platform consolidation (62 per cent) and data processing (65 per cent), indicating they are moving their data into SAP HANA for real-time data analytics. Notably, these figures are higher than the average across industry sectors.
This figure reflects the increased pressure on FS organisations to provide seamless, innovative and exciting customer experiences in response to PSD2, or Open Banking as it is widely known. In the Open Banking revolution, traditional banks are no longer the only choice for consumers, and competition is fierce. FS organisations need deep customer insights to develop more targeted marketing campaigns and point of sale related activities, ultimately enhancing customer experiences and fending off the competition.
• 92 per cent of FS organisations cited strategy teams as the driving force behind their SAP HANA project, a 10 per cent leap from 82 per cent in Centiq’s last study.
• Of all the skills required for SAP HANA implementation, cloud infrastructure skills are most in demand among FS organisations, with 65 per cent citing this. 90 per cent of FS organisations deploy in Public Cloud in production, and 82 per cent in non-production. This is in-keeping with a wider trend, as 88 per cent of all survey respondents also use Public Cloud in production HANA instances, whilst 78 per cent use Public Cloud in non-production.