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Financial Services Sector is Modernizing Applications to Provide Secure Digital Experiences: F5 Report

This year’s report shows the strategies adopted by financial services organizations in digital transformation with the focus on improving customer experience.

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F5 (NASDAQ: FFIV) announced the availability of its 2022 State of Application Strategy Report- Financial Services Edition. This year’s report shows the strategies adopted by financial services organizations in digital transformation with the focus on improving customer experience. Financial services organizations—from banks and payment processors to insurers and investment services—must continue to accelerate their digital transformation process to keep up with the rising customer expectation of secure digital interactions.

The result of this report reveals the following insights:

  • Continued digital transformation and rapid modernization: 99% of financial services organizations in the Asia Pacific are modernizing their applications.
  • Maturing multi-cloud strategies: 69% of financial services organizations in the Asia Pacific have multi-cloud strategies. The growing industry confidence in public and hybrid clouds is evidenced by cloud deployment not only of commoditized functions such as data lakes but also by increasing use of:

o   Infrastructure as a Service (IaaS), used by 42% of respondents

o   Platform as a Service (PaaS), used by 37% of respondents

o   Security as a Service (SECaaS), used by 43% of respondents

  • Increasing focus on security: 60% of BFSI organizations in the Asia Pacific report that they have already implemented one or plan to implement API security solutions
  • Balancing security with performance: 70% of financial services in the Asia Pacific would trade varying levels of security for better performance

F5’s 2022 State of Application Strategy Report- Financial Services Edition reflects the responses of more than 200 financial services IT decision-makers working for organizations of all sizes around the globe. The North American and the Asian Pacific regions were particularly well represented.

The full F5 2022 State of Application Strategy Report includes more information on these and other findings. For additional perspective from F5 experts, check out the enclosed blog post:

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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