Most financial IT managers 'think their systems are unsatisfactory'

News Article - 15 December 2006
Category: Business

Almost three-quarters of IT managers in the financial services industry believe that their IT systems are unsatisfactory, a survey has shown.

The study by IT market researcher Vanson Bourne found that 73 per cent of respondents were concerned about their firm's support network, with a further 71 per cent saying that maintaining network performance was their biggest grievance.

Half of those questioned said they were not happy with their suppliers while 40 per cent stated that expensive licensing upgrades and proprietary systems were their biggest concerns.

David Galton-Fenzi, spokesman for data networking marketer Zycko, which commissioned the research, said: "The IT director within a financial services company is faced with many challenges - compliance, managing and securing growing data volumes and ensuring it is always accessible for employees."

He added that limited internet access could result in lost business as well as aggrieved customers and financial loss, so the pressure to deliver the latest technology was intense.

Last month, Finance Tech reported that many financial firms are now using software tools which can help them manage their auditing better and correct mistakes.

Article keywords: it manager, finance, financial, it director

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