The majority (83%) of IT leaders in banks, insurers and other financial services providers, are under pressure to deliver digital transformation.
The finding comes from a new research report from Couchbase, a cloud database platform company.
Its report found that 54% of respondents feel they have too much to do in too little time. Additionally, 30% believe deadlines and agility requirements were difficult to meet.
Making things harder, 77% said there are obstacles in supporting their development teams.
Another finding of the report was that financial services are struggling to support their development teams. One of the key issues development teams faces, include access to the right technology (33%), redeploying development teams to work on new projects (29%), and investing in new technology to make developers’ jobs easier (29%).
Interestingly, 30% of the respondents didn’t even know if their team was behind or ahead of schedule.
Couchbase’s report also found that developer teams in the sector have grown by an average of 26% in the past year. While the bigger teams are helping with development challenges, Couchbase warns of fatigue. It stated that 22% of respondents find it tough to assess if a team is engaged in and enthusiastic about their work or are waning enthusiasm or experiencing fatigue.
Couchbase director shared services Perry Krug said, “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.
“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.”
Its global survey got the responses of 650 senior IT decision makers and found that despite development teams’ extensive contributions to digital transformation and innovation, there is a lack of resources and communication.
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