Welcome!

News Feed Item

Ricoh Europe: Financial Services Leaders Reveal the Challenges of Speed and How to Change Faster

Just one in ten financial services leaders believe they can rapidly take advantage of new opportunities ahead or adapt to unexpected changes in the future. This is in contrast to the average of two in ten European business leaders from all industries. Alongside the need to juggle conflicting demands from consumers, regulators and shareholders, it is the speed at which they adapt to technology-led change and reengineer critical processes that is heightening the burden. The insights are revealed in a new study called The Challenge of Speed, conducted by the Economist Intelligence Unit, and sponsored by Ricoh Europe. Financial services respondents were from retail, corporate and investment banking as well as insurance.

There is clear confidence around developing new products and services quickly. Financial services leaders ranked it joint eighth out of ten from the areas most in need of rapid change. However, the most crucial areas where financial services leaders stated they do need to rapidly change, over the next three years, are those that have already caused the industry some of its biggest headaches: adopting new technologies (first), attracting and retaining customers (second), and improving core business processes (third). And while over half (54 per cent) said they have lots of ideas to tackle the future change, they admit that they lack the ability to execute their ideas well. This is higher than any other industry, where the average is 43 per cent.

The significant gap between generating ideas to change and executing them may be linked to the financial services leaders caution over managing multiple stakeholders and regulations. They cited the biggest disadvantages of changing processes too quickly as 1) a loss of customers (38 per cent), 2) increased expense (36 per cent), and 3) the company being exposed to new unmitigated risks (35 per cent).

Carsten Bruhn, Executive Vice President, Ricoh Europe says, “2014, 2015 and 2016 still appear to present a myriad of conflicting challenges for financial services in its race to change. But by tackling the crucial areas highlighted, they can quickly turn the disadvantages to benefits. They can improve their responsiveness to client needs, be more effective and decrease exposure to risk.”

“Financial services is the industry closest to digital transformation and this latest study shows that it is using technology extensively to operate faster – more than in any other industry. However, unconnected legacy systems continue to slow them down. There is an urgent need to further review technology assets and simplify core information and document processes.”

Financial services executives agree. The biggest barriers to executing ideas to increase the speed at which they are changing and achieve greater business agility are process related. The first obstacle is their bureaucratic decision making processes, followed by the need to effectively link technology platforms (second), and insufficient access to information (third). Then there are additional barriers to optimising core business processes. Poor governance of change management is ranked as the most obtrusive, followed by time constraints on executives and legacy technology platforms.

Bruhn says, “Juggling so many obstacles, while at the same time trying to focus on client services, transform internal processes and ensure regulatory compliance is a monumental task. It’s no wonder that financial services leaders are feeling under pressure. They can relieve some of the stress by drawing on more expertise and drive internal change programmes to successfully realise new ways of working. They can also further employ customer communication management services to enhance client relationships. And while these critical processes are being optimised, they can invest more of their time and resources in core business activities and driving the organisation into the future.”

For more insights into the challenge of speed facing European organisations, visit

www.ricoh-europe.com/thoughtleadership.

-ends-

About Ricoh

Ricoh is a global technology company specialising in office imaging equipment, production print solutions, document management systems and IT services. Headquartered in Tokyo, Ricoh Group operates in about 200 countries and regions. In the financial year ending March 2013, Ricoh Group had worldwide sales of 1,924 billion yen (approx. 20 billion USD).

The majority of the company's revenue comes from products, solutions and services that improve the interaction between people and information. Ricoh also produces award-winning digital cameras and specialised industrial products. It is known for the quality of its technology, the exceptional standard of its customer service and sustainability initiatives.

Under its corporate tagline, imagine. change., Ricoh helps companies transform the way they work and harness the collective imagination of their employees.

For further information, please visit www.ricoh-europe.com

About the Research

The report is based on a survey of 461 senior, Europe-based executives from a wide variety of industries. Their companies include a range of sizes. The survey sample is senior, with 49% C-level or above and a further 23% SVPs, VPs, or directors. In addition, the EIU conducted in-depth interviews with corporate leaders and noted experts as well as substantial desk research.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.