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Tracking Innovation in Financial Services

Tracking Innovation in Financial Services

by Rick Turoczy on October 5, 2004

Regulatory compliance has become one of the most critical areas of focus for those who manage these resources. All of the banking/financial services study participants reported that their firms are taking steps to comply with Sarbanes-Oxley (compared to 83 percent of insurance respondents), closely followed by compliance with the USA PATRIOT Act, HIPAA and Gramm-Leach-Bliley (Financial Modernization Act).

The requirements – some might say drains – on IT resources imposed by the tighter regulatory environment are paralleled by the growing demands for beefed up security capabilities, and the Financial Services 40 organizations are acting accordingly. Among the most widely deployed technologies/products in insurance and financial services are intrusion-detection software (100 percent of banks, 94 percent of insurers) and content filtering/anti-spam software (94 percent of banks, 100 percent of insurers). At the same time, other widely used technologies – such as data warehousing (97 percent of banks, 84 percent of insurers), networked storage/SANs (88 percent of banks, 100 percent of insurers), business intelligence tools (88 percent of banks, 84 percent of insurers), Web services (88 percent and 81 percent of banks and insurers, respectively) and content management software (73 percent of banks and 81 percent of insurers) – are critical, not only to compliance and security efforts, but also to revenue-generating initiatives, such as enhanced distribution, product development and cross-selling.

Tracking Innovation in Financial Services

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