Financial services developers under pressure to deliver digital transformation
A new study shows 83 percent of IT leaders from banks, insurers and other financial services providers confirm there are challenges facing their development teams.
According to the research from Couchbase these challenges include having to do too much in too little time (54 percent); and that deadlines and agility requirements are difficult to meet (30 percent).
"Amid the race to complete digital transformation projects in the sector, where developers must balance the security of sensitive customer data alongside expectations for remote access and seamless digital experiences, these barriers impacting developers jeopardize businesses' progress," says Perry Krug, director shared services at Couchbase. "Firms need to recognize their reliance on developers at this time, and work to give them the right resources and support. After all, without successful digitization projects, financial services firms will fall behind the competition."
Key issues IT leaders face in supporting development teams include making sure they always have the right technology (33 percent); redeploying development teams rapidly to work on new projects when needed (29 percent); and investing in new technology to make developers’ jobs easier (29 percent). Additionally, 30 percent of respondents did not know for certain whether their development teams were behind or ahead of schedule.
Developer teams in the finance sector have grown by an average of 26 percent in the last year. However, 22 percent of leaders say they find it difficult to gauge whether development teams are engaged in and enthusiastic about their work, signaling waning enthusiasm or fatigue.
There has been a positive from the pandemic though, with 35 percent of respondents saying that it has taught them how to empower development teams.
"Digital ambition will fall flat for financial services providers unless they can support development teams to build great applications," adds Krug. "And in the fast-paced financial services market, firms must be proactive in addressing these challenges to ensure success in a time of product-led growth."
You can read more about the findings on the Couchbase blog.