Abstract

This IDC Financial Insights study developed seven drivers that both CIOs and their business partners should consider over the next five years. The list is not meant to be exhaustive nor is it meant to be final. IDC Financial Insights publishes a new list of drivers annually, and many are evolutionary. Last year's drivers were instrumental in developing this list, just as this year's drivers will be critical to the formulation of next year's drivers.

Of the seven drivers, it became clear that some drivers had further reach within financial services than others. These drivers are more far reaching and thus are likely to have the most complexity and cost in implementation. Key drivers listed in the Summary of External Drivers section are in order based on the number of times they were cited by the global analyst team as impacting the prediction. At the end of the study (see the External Drivers: Detail section), a more in-depth analysis of the drivers is provided.

According to Marc DeCastro, research director, IDC Financial Insights, "As disruption becomes the new normal, incumbent financial service firms are finding that they need to do more than just keep up with those challenging the status quo. Customers' expectations continue to rise as the implementation of innovation is being accelerated by things such as artificial intelligence, the Internet of Things, next-generation security, and robotics. Now, more than ever, financial institutions must embrace transformation while balancing risk, security, and compliance requirements."


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