- The key vendors in the Global Risk IT and Services Market in Banking Sector 2014-2018 are Deloitte Touche Tohmatsu Ltd., Ernst and Young Global Ltd., KPMG LLP, PwC and RubinBrown LLP.
London, 08 October 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Risk IT and Services Market in Banking Sector 2014-2018. Social media is turning out to be a major platform from which to gather data, but, along with this, the regulatory compliances are also increasing. The companies are looking for solutions that can help them to meet compliance issues with an optimal price. The market is expected to grow at a CAGR of 5.78 percent for the period 2013-2018.
Risk IT and services solutions help in mitigating various risks involved in the Banking sector such as credit risks, operational risks, market risks, and ALM and liquidity risks. Considering the economic challenges prevailing worldwide, it has become mandatory to implement risk IT and service solutions in business operations. In addition, the pure IT risks involved in the Banking sector are of three types, data-driven, business-driven, and event-driven, which have their impacts on business operations. Risks IT and services solutions drive the productivity of the business with optimal costs.
Shift towards Holistic Approach
Most of the companies perform their business activities in isolation from other departments, which results in a lack of communication and makes the process of standardization difficult. This approach makes the comparison of information available at various levels very difficult or sometimes impossible, which decreases the possibility of aggregating data relating to risk. Therefore, in order to overcome such shortcomings, companies have started to adopt an enterprise-wide approach, which provides a wide-ranging view of risks. Such a holistic approach allows the firm to be strategically more proactive in understanding the overall business operations and risks involved.
“The demand for IT-based solutions in the Banking sector is increasing because of the growing need to meet risk and compliance, core and infrastructure modernization, security, and customer experience,” says Faisal Ghaus, Vice President of TechNavio Research.
“The uncertainty of the market has forced banks to invest in the technological advancements of their companies in order to mitigate risks and reduce the cost of operations.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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