According to 46.5% of financial services industry CIOs surveyed, current approaches to ingesting and storing observability data will not meet their future needs
THE Dynatrace, leader in observability and unified security, announces the results of its latest global survey that analyzes the obstacles facing IT leaders (CIOs – Chief Information Officer) and its teams in the banking and financial services segment. The findings indicate that technologies multicloud and hybrids increase organizational complexity and risk, making log management and analysis a major challenge. Also, the research “Global CIOs Report 2022 – Banking and Financial Services” shows that observability, as well as the implementation of automated security measures and the use of Cloud architecture are fundamental for the innovation and delivery of digital services.
The report highlights that in the digital age, banking and financial services companies rely on a number of critical systems and technologies to ensure their customers have seamless access to applications such as mobile banking, secure payments and access to finance, to name a few. The more services customers receive and the more satisfied they are, the longer and more valuable their relationship with the organization will be. However, managing this huge amount of information is impossible manually.
The research reveals that:
– 72% of CIOs in the banking and financial services industry say the data explosion due to cloud-native technology stacks is beyond human ability to manage;
– 58.5% of CIOs say teams can become overwhelmed by the increasing complexity of their technology stacks if they don't identify a more automated approach to IT operations;
– 42.5% of CIOs say their data storage tier is unable to scale efficiently to keep up with the volume of metrics and logs they need to capture;
– 77% of banking and financial services organizations say their IT environment changes by the minute.
"Modern banking and financial services organizations depend on cloud technology to increase the agility and speed of innovation, as well as the delivery of digital experiences and personalized interactions to improve the lifetime value of their customers", says Roberto Carvalho, Regional Vice President for South America at Dynatrace. "However, this also means an increase in complexity, driving IT, development and security teams to manage and optimize experiences."
Additional research findings include:
– 96.5% of industry CIOs indicate there are barriers to expanding observability and security in their environments multicloud and Cloud native;
– 10% is the average proportion of the technology stack that financial services organizations have end-to-end observability of;
– 48% of IT leaders say the amount of tools needed to monitor the complete technology stack hampers efficient operations;
– 36.5% of CIOs confirm that some areas of the technology stack are difficult to instrument or cannot be monitored with existing technologies;
– 69% claim that the expense and delay caused by reindexing and rehydrating data makes it difficult to derive value from the growing amount of observability and security information.
“IT teams in the financial area have to deal with an excessive amount of data generated by various sources”, explains Carvalho. “Managing them is critical to improving application reliability and availability. Working with data intelligence promotes continuous innovation with customers, as well as enabling a consistent and secure digital journey”.
The report is based on a global survey of more than 1,300 global CIOs and senior technology executives involved in cloud and IT operations management. The survey was carried out by Coleman Parkes on behalf of Dynatrace. Companies with more than 1,000 employees from Brazil/Latin America, the United States, Europe, the Middle East and the Asia-Pacific region participated in the survey. The complete survey can be accessed at: https://www.dynatrace.com/pt-br/info/reports/financial-services-cio-report/
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