{"id":505,"date":"2019-06-25T15:32:09","date_gmt":"2019-06-25T14:32:09","guid":{"rendered":"https:\/\/ec-projects.co.uk\/intersystems-uki\/?p=505"},"modified":"2019-08-07T09:27:07","modified_gmt":"2019-08-07T08:27:07","slug":"what-are-the-key-challenges-facing-the-modern-financial-services-sector","status":"publish","type":"post","link":"https:\/\/ec-projects.co.uk\/intersystems-uki\/what-are-the-key-challenges-facing-the-modern-financial-services-sector\/","title":{"rendered":"What Are the Key Challenges Facing the Modern Financial Services Sector"},"content":{"rendered":"<h3>Part 1 of 2<\/h3>\n<p><a href=\"https:\/\/ec-projects.co.uk\/intersystems-uki\/why-innovation-is-key-to-meeting-the-challenges-of-the-modern-financial-services-sector\/\">> Part 2<\/a><\/p>\n<p>Financial services firms are facing a number of critical challenges, including increasing trade volumes; periods of high market volatility; the introduction of new regulations, such as the Payment Services Directive (PSD2) and Fundamental Review of the Trading Book (FRTB); and the need to accelerate innovation.<\/p>\n<p>Businesses across the sector are increasingly looking to address these challenges, while reducing costs and improving operational efficiencies. However, this is proving difficult. In the first of two blogs, we\u2019ll explore the issues currently holding financial institutions back from innovating and preventing them from tackling the core challenges the industry is facing.<\/p>\n<h6>What\u2019s Stopping Organisations Addressing These Challenges?<\/h6>\n<p>To a great extent, the existing technology infrastructures that are in place are simply not sufficiently attuned to the demands of the modern financial services environment. In fact, according to our survey of IT decision-makers within the financial\/banking sector, more than half (51%) said processes across multiple applications are not well integrated across their organisations, while forty-three percent think their organisation is struggling to achieve a complete and accurate enterprise-level view of all their data.<\/p>\n<p>Additionally, most businesses are having to handle ever-escalating data volumes \u2013 a challenge that is only going to intensify as IDC projects\u00b9 that by 2025 a staggering 163 zettabytes of data will be generated per year, ten times the data generated in 2016.<\/p>\n<p>Often, financial services organisations find it difficult to get a handle on the vast volumes of data they have at their disposal. This is due to the fact that the systems and infrastructure they have in place today tends to not support a sufficiently agile, interoperable approach. As a result, data is typically siloed, making it difficult for organisations to leverage it in order to advance their business goals and comply with regulatory requirements.<\/p>\n<h6>Overreliance on Legacy Systems<\/h6>\n<p>The inability to analyse data is compounded by a reliance on disconnected legacy systems and having multiple different kinds of databases and applications that operate in silos and don\u2019t readily support high levels of integration.<\/p>\n<p>Older organisations operating with huge data silos due to legacy systems are likely to have serious concerns to address to comply with new regulations like FRTB, which requires analysing larger data sets with smaller processing windows. For these organisations, significant investment in new technologies will be required to meet the regulatory stipulations. That said, even newer financial institutions are likely to encounter problems.<\/p>\n<p>So, how exactly can businesses, both old and new, within the financial services sector overcome these issues? Find out in the second part of this blog <a href=\"https:\/\/ec-projects.co.uk\/intersystems-uki\/why-innovation-is-key-to-meeting-the-challenges-of-the-modern-financial-services-sector\/\">here<\/a>.<\/p>\n<p>Read the <a href=\"https:\/\/ec-projects.co.uk\/intersystems-uki\/why-innovation-matters\">full results from the InterSystem poll<\/a> on what is keeping organisations from addressing the need to accelerate innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Part 1 of 2 > Part 2 Financial services firms are facing a number of critical challenges, including increasing trade volumes; periods of high market volatility; the introduction of new regulations, such as the Payment Services Directive (PSD2) and Fundamental Review of the Trading Book (FRTB); and the need to accelerate innovation. Businesses across the [&hellip;]<\/p>\n","protected":false},"author":62,"featured_media":507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[12],"tags":[],"jetpack_featured_media_url":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-content\/uploads\/2019\/06\/finance2.jpg","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Are the Key Challenges Facing the Modern Financial Services Sector - InterSystems<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ec-projects.co.uk\/intersystems-uki\/what-are-the-key-challenges-facing-the-modern-financial-services-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Are the Key Challenges Facing the Modern Financial Services Sector - InterSystems\" \/>\n<meta property=\"og:description\" content=\"Part 1 of 2 &gt; Part 2 Financial services firms are facing a number of critical challenges, including increasing trade volumes; periods of high market volatility; the introduction of new regulations, such as the Payment Services Directive (PSD2) and Fundamental Review of the Trading Book (FRTB); and the need to accelerate innovation. Businesses across the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ec-projects.co.uk\/intersystems-uki\/what-are-the-key-challenges-facing-the-modern-financial-services-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"InterSystems\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-25T14:32:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-07T08:27:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-content\/uploads\/2019\/06\/finance2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" value=\"Written by\">\n\t<meta name=\"twitter:data1\" value=\"Tim FitzGerald\">\n\t<meta name=\"twitter:label2\" value=\"Estimated reading time\">\n\t<meta name=\"twitter:data2\" value=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/#website\",\"url\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/\",\"name\":\"InterSystems\",\"description\":\"InterSystems\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/what-are-the-key-challenges-facing-the-modern-financial-services-sector\/#primaryimage\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-content\/uploads\/2019\/06\/finance2.jpg\",\"width\":1200,\"height\":900},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/what-are-the-key-challenges-facing-the-modern-financial-services-sector\/#webpage\",\"url\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/what-are-the-key-challenges-facing-the-modern-financial-services-sector\/\",\"name\":\"What Are the Key Challenges Facing the Modern Financial Services Sector - InterSystems\",\"isPartOf\":{\"@id\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/what-are-the-key-challenges-facing-the-modern-financial-services-sector\/#primaryimage\"},\"datePublished\":\"2019-06-25T14:32:09+00:00\",\"dateModified\":\"2019-08-07T08:27:07+00:00\",\"author\":{\"@id\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/#\/schema\/person\/45b0da448d38dfb0186067cbf5eeb54d\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ec-projects.co.uk\/intersystems-uki\/what-are-the-key-challenges-facing-the-modern-financial-services-sector\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/#\/schema\/person\/45b0da448d38dfb0186067cbf5eeb54d\",\"name\":\"Tim FitzGerald\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/#personlogo\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-content\/uploads\/2019\/08\/Tim-96x96.jpeg\",\"caption\":\"Tim FitzGerald\"},\"description\":\"Tim FitzGerald, EMEA Financial Services Sales Manager at InterSystems, has over 30 years\\u2019 successful IT sales experience in the banking and financial services industries. As an impassioned solver of data and real-time transaction processing problems, Tim has held a wide variety of IT-focused sales positions in his career. Tim\\u2019s role is to drive and manage the sales of InterSystems\\u2019 highly scalable data platform across a global financial services portfolio.\",\"sameAs\":[\"https:\/\/uk.linkedin.com\/in\/tim-fitzgerald-b55641\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/posts\/505"}],"collection":[{"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/comments?post=505"}],"version-history":[{"count":12,"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/posts\/505\/revisions"}],"predecessor-version":[{"id":1185,"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/posts\/505\/revisions\/1185"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/media\/507"}],"wp:attachment":[{"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/media?parent=505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/categories?post=505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ec-projects.co.uk\/intersystems-uki\/wp-json\/wp\/v2\/tags?post=505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}