Research from cloud database platform firm Couchbase has found digital transformation to be a key challenge faced by financial services development teams.

The report found an increasing pressure on financial service providers to accelerate their digital transformation efforts and deliver enhanced customer experiences in line with competitors.

Findings revealed that 83% of IT leaders from from across the financial services sector confirm there are challenges facing their development teams, including having to do too much in too little time (54%); and that deadlines and agility requirements were difficult to meet (30%).

Additionally, more than three-quarters (77%) of IT decision makers report obstacles in supporting their development teams.

The survey, which spoke to 650 senior global IT decision makers, found that despite development teams’ extensive contributions to digital transformation and innovation initiatives, a lack of resources and communication with IT leaders in the financial services sector is creating barriers for them.

Perry Krug, Director Shared Services, Couchbase commented: “Amid the race to complete digital transformation projects in the sector, where developers must balance the security of sensitive customer data alongside expectations for remote access and seamless digital experiences, these barriers impacting developers jeopardize businesses’ progress.

“Firms need to recognize their reliance on developers at this time, and work to give them the right resources and support. After all, without successful digitization projects, financial services firms will fall behind the competition.”

Additional findings

The key issues IT leaders said they currant face is difficulty supporting development teams. Issues included needing to make sure they always have the right technology (33%); redeploying development teams rapidly to work on new projects when needed (29%); and investing in new technology to make developers’ jobs easier (29%).

Additionally, almost a third (30%) of respondents did not know for certain whether their development teams were behind or ahead of schedule.

Developer teams in the sector have grown by an average of 26% in the last year. Bigger teams will aid some development challenges, but firms must focus on keeping their developers motivated and passionate about their projects to achieve success, Couchbase said. Almost a quarter of IT leaders (22%) find it difficult to gauge whether development teams are engaged in and enthusiastic about their work, signalling waning enthusiasm or fatigue.

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On a positive note, 35% of respondents said that the pandemic has taught them how to empower development teams. For digital transformation projects to succeed at pace, it’s crucial that financial services IT leaders continue to focus on empowering these professionals.

Respondents noted that, without the right support, development teams in the financial services sector cannot complete digital transformation as quickly as the business may need them to.

Their positive impact is demonstrated by 29% of respondents confirming that pressure from developers to support agile development and innovation was a driver for digital transformation projects.

“Digital ambition will fall flat for financial services providers unless they can support development teams to build great applications,” Krug added. “And in the fast-paced financial services market, firms must be proactive in addressing these challenges to ensure success in a time of product-led growth.”

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