- August 11, 2022
- Tech
- Data
- Cloud
- Luxembourg
- Security
- Startup
- Development
- Digital
In July 2021, Banking Circle spoke to 600 CTOs and CIOs at
Banks, FinTechs and PSPs across the UK, DACH (Germany, Austria and Switzerland)
and Benelux (Belgium, The Netherlands and Luxembourg) regions. The research
provided insights into the challenges currently faced by CTOs and CIOs across
Europe.
The results, published in the white paper, “Futureproofing
Payments Tech: The challenges facing CIOs and CTOs”, show a generally positive
outlook. Most plan to increase budgets in the next 12 months and intend to
utilise a combination of building, buying and outsourcing to update their
payment tech solutions.
In all areas of responsibility, the research showed that
there are more CTOs and CIOs who are ‘fairly’ or ‘very’ confident, than ‘not at
all’ or ‘not very’ confident. It also showed that PSPs and FinTechs were more
confident than their Bank counterparts that their organisations are fit for
purpose for the future.
100% of FinTechs and 99% of Banks have skills gaps in
their organisations
One area of concern is the skills required to keep the
business up to date and innovative going forward. All of the FinTech
respondents said that they have skills gaps in their organisation, and most expect
to see their Payments IT team or resource increase in the next 12 months.
To ‘build’ or ‘buy’?
When it comes to building new solutions, two thirds of all
respondents are planning to ‘build’ payments tech in-house, and the same number
plan to ‘buy’ off the shelf. Only slightly fewer (65%) expect to outsource or
utilise partnerships. These results also show that organisations intend to
utilise a combination of providers, bringing together external and internal resources
to meet the current and future requirements of the business and its customers.
Tech outages, staying up to date with market
developments, and employee skills are the key issues keeping FinTech CTOs and
CIOs up at night
The research also founds that tech budgets are increasing,
but not by enough for decision makers to sanction a complete overhaul of their
tech or payments infrastructure. Around two in three have determined that they
will need to partner with external providers. Such collaboration will be an
important tool in futureproofing both Banks and FinTechs.
Banking Circle White Paper is available HERE