Financial Services Industry Must Recognize FinTech as an Enabler Rather than a Disrupter to Ignite Digital Transformation, says TABB Group Research

NEW YORK and LONDON, Sept. 28, 2016 (GLOBE NEWSWIRE) — As financial services activity increasingly occurs in the digital world, it is necessary for firms to move technology to the center-stage as an integral part of any strategic business vision. According to new research from TABB Group, “Capital Markets: The Digital Transformation,” the combined forces of regulation, reallocation of capital, and declining revenues will accelerate trends in digitalization.

Firms today must collect, collate, store, retrieve, analyze and interrogate data constantly as real-time and front-to-back insight has become a necessity, particularly due to regulatory initiatives such as MiFID II. Explaining that firms can no longer avoid aggressively addressing defunct business models due to these demands, TABB’s research explores what success in the digital age looks like for capital markets.

To date, the majority of firms have been trying to add complex technological requirements onto legacy systems, which has led to inevitable issues, including additional support costs and increased risk. TABB explains that new opportunities are emerging, such as new generations of cloud and mobile technologies, open service architectures and APIs, but the progress remains slow. As such, TABB believes FinTech needs to be seen as an enhancer to complement business models and a catalyst behind business practices entering the digital age.

“The capital markets’ digital transformation is not a static one-off project, but a continuous evolution that will ultimately revolutionize every financial services firm’s strategy,” says TABB COO Alex Tabb. “Though innovative, FinTech risks solving imaginary problems while real headaches go unnoticed, preventing wholesale adoption and mass behavioral change. The challenge for established financial services firms will be to find the correct means of collaborating with new, innovative technologies to achieve this transformation in tandem with new approaches to workflows, processes, metrics and controls.”

The report is now available for download by TABB financial technology clients, as well as pre-qualified media at https://research.tabbgroup.com/search/grid. For more information or to purchase the report, contact info@tabbgroup.com.  

About TABB Group
TABB Group is the international research and consulting firm focused exclusively on capital markets, founded on the interview-based research methodology developed by Larry Tabb. Since 2003, TABB Group has been helping business leaders gain a truer understanding of financial markets issues to develop actionable roadmaps and approaches to future growth. By accurately assessing their customer base, competition, and key market opportunities, TABB Group works with senior industry leaders to make critical decisions about their business. For more information, visit www.tabbgroup.com.

CONTACT: Contact:
Casey Sheets, TABB Group
+1 646-747-3207 / csheets@tabbgroup.com

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