In This Chapter
Jack Henry & Associates
Many companies in the financial services market segment have been early adopters of new technology. The various company types included in this sector — banks, insurance, investment, and brokerage companies — all have a common need to manage very large amounts of data very fast, with a high degree of security and accuracy. Advanced technology has been leveraged to support an increasingly complex network of global financial transactions managed by the financial services industry. However, as the financial crisis of 2008 underscores dramatically, even the most sophisticated use of technology can play only a supporting role to the business decision makers leading the business.
The financial services companies interviewed for the case studies in this chapter discussed how the technology infrastructure at their companies had become increasingly complex over the years and how it needed to change to help the business become more flexible. Many of the companies we spoke with had either merged or acquired other companies, leading to the integration of new business units with very different work cultures and widely different information infrastructures. The need to be able to trust and understand the information about the business across its many disaggregated parts has been a prime motivator for change in the IT infrastructure at these companies. In times of economic stress, it will become even more important ...