New research shows that financial industry IT development team faces major challenges in digital transformation

CTOnews.com, November 23 (Xinhua)-- 83% of IT leaders in banks, insurance companies and other financial services institutions acknowledge that their development teams face challenges, according to a new study. According to Couchbase research, these challenges include having to do too much in too short a time (54 per cent) and the difficulty of meeting deadlines and flexibility requirements (30 per cent).

Key issues facing IT leaders in supporting development teams include: ensuring that they always have the right technology (33%); quickly redeploying the development team to advance new projects when needed (29%); and investing in new technologies to simplify the work of developers (29%). In addition, 30% of respondents were not sure whether their development team was behind schedule or ahead of schedule.

CTOnews.com learned that the number of development teams in the financial industry has increased by an average of 26% over the past year. But 22% of leaders said they found it difficult to assess whether the development team was involved and enthusiastic about their work, indicating that their enthusiasm was waning or feeling tired.

Couchbase's Krug adds: "for financial services providers, unless they can support development teams to build great applications, digital ambitions will be dashed. In the fast-paced financial services market, companies must proactively address these challenges to ensure success in a period of product-led growth."