Technology to provide “competitive advantage” for finance companies in 2010

17 December 2009

The majority of commercial finance companies believe investing in technology solutions will provide them with a “competitive advantage” during 2010, a new study has revealed.

Findings from Vision Critical’s UK Financial Technology Survey showed that 83 per cent of respondents think bolstering IT will enable them to outperform any competitors.

Half of the companies questioned from sectors including risk management and asset lending explained that technology solutions offer better value for money than other investments.

Oliver Chadwick, chief executive officer at Visual Critical, said: “It is encouraging to note that so many successful organisations attribute technology as a major source of competitive advantage.

“There is no doubt that technology solutions are enabling firms to add value to their clients as well as dramatically [improving] business integration and process delivery.”

Business streamlining, enhancing client-facing services and minimising exposure to risk were reasons behind financial companies looking to increase their IT investment, Vision Critical’s study showed.

Greater visibility and transparency were also found to be two of the main concerns for companies looking to develop this area of their business.

By Jim Ottewill

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