Canadian Banks Concerned About Falling Behind in Mobile Technology, Report Suggests

Nearly half of Canadian banking executives do not think they have the IT infrastructure, systems and processes in place to meet present and future customer expectations for mobile payments.

According to “Banks: Customers Expect That You’re Always On and Available, Are You Ready?” a report from CenturyLink, even core services need improved IT: more than a third (40 per cent) of C-suite financial executives surveyed don’t believe they have the IT infrastructure in place to meet customer expectations for core banking services.

“To stay competitive in a technology-driven marketplace, Canadian banks must be both financial institutions and mobile technology innovators,” said Roji Oommen, managing director of financial services at CenturyLink. “Given that many of these banks don’t believe they have the infrastructure in place to fully embrace mobile technology, strategic technology partners like CenturyLink can help identify and integrate the right IT and mobile technology solutions.”

CenturyLink’s report also looks at the driving factors for technology outsourcing at Canadian banks. Seventy-eight per cent of Canadian banking executives surveyed said customer demand for new digital or mobile-based services or applications would drive them to outsource more.

The report also sheds light on the current status of IT outsourcing in Canada’s financial services sector: asked what parts of their IT they currently outsource, 86 per cent of executives surveyed said they outsource for IT infrastructure requirements, while 72 per cent said they outsource for IT security.