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Banking, Financial Services & Insurance Business News Finance Transformation

83% of Developers in Financial Services are Under Pressure to Deliver Digital Transformation

By DigitalCFO Newsroom / November 25, 2022

DigitalCFO Newsroom | 25 November 2022 Research from Couchbase finds Developers at Banks, Insurers and other Financial Service Providers are Being Pushed Too Hard to Meet Digital Expectations With the pressure growing on financial service providers to accelerate their digital transformation efforts and deliver enhanced customer experiences in line with their digital-first competitors, industry research from Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, reveals the key challenges faced by the sector’s development teams. The findings show that 83 percent of IT leaders from banks, insurers and other financial services providers confirm there are challenges facing their development teams, including having to do too much in too little time (54 percent); and that deadlines and agility requirements were difficult to meet (30 percent). To compound this, over three-quarters (77 percent) of IT decision makers report obstacles in supporting their development teams. “Amid the race to complete digital transformation projects in the...

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Banking, Financial Services & Insurance COVID-19 Finance

Businesses Must Stay Vigilant Amid More Challenging Financial Conditions

By Fatihah Ramzi / November 25, 2022

Fatihah Ramzi, DigitalCFO Newsroom | 25 November 2022 Companies that are vulnerable to shocks should improve their resilience as limiting the impact of present and potential hazards requires resilience. The Monetary Authority of Singapore (MAS) advises businesses and the financial sector in Singapore to remain cautious in the midst of more difficult circumstances despite the fact that they are still able to withstand disruptions to the financial system. According to MAS's annual financial stability study, businesses' financial health improved throughout the COVID-19 pandemic recovery and citizens continued to see substantial job growth and salary increases. The government expects Singapore's economy to expand between 0.5% and 2.5% next year, which is less than the 3.5% growth anticipated this year. A solid labor market and high import inflation are projected to keep inflation high, and continued tightening of financing conditions has increased the burden of debt servicing on borrowers, according to MAS....