Press Release: The 2nd edition of the Financial Services World Quality Report 2012 from Capgemini, Sogeti and HP explores how the challenges facing financial services organizations are directly translating into an IT department focus on compliance, business growth, and cost optimization.
Quality assurance organizations within banks, capital markets firms and insurance companies are actively aligning their strategies with business to deliver value in three ways:
- Optimize costs and increase agility by utilizing cloud services
- Enriching customer experiences through services on mobile devices and social media networks
- Holistically achieving "more for less"
The study reveals slightly different priorities among FS segments.
- Banking: Cost optimization through process and technology advancements was identified most frequently as a focus area for banks at 57%, followed closely by compliance and regulatory issues (56%)
- Capital Markets: Growing the business was of most concern to capital markets firms at 67% followed by cost optimization (53%)
- Insurance: Like banks and capital markets firms, insurers are focusing on cost optimization (49%). However, insurance is the only segment that ranked inorganic growth through M&A (44%) almost the same in priority to growing the business (42%)
About the Financial Services World Quality Report 2012
These findings are largely drawn from an analysis of data gathered for the World Quality Report 2011/12 (WQR), an ongoing collaboration between Capgemini Group and HP that features an extensive survey of global participants, examining the state of application quality and testing practices across different industries and geographies. Survey respondents are asked about the state of QA budgets in their companies, answer questions about their testing organization and its relationship with the business, describe their testing practices and methodologies, and share their plans for migrating applications to the cloud. The latest survey also zeroed in on outsourcing, security testing, and test data management.
For the FS WQR, the WQR responses from 175 FS firms–banks, insurance companies or capital markets firms–were analyzed in more detail. A secondary survey of 268 respondents was performed to conduct additional research on issues specific to the FS sector.
- Learn about Capgemini's Model Based Testing solutions to financial services applications such as VisionPlus® and Guidewire®
- Benchmark your quality organization against other financial services firms with our Quality Blueprint™ assessment
- Explore the World Quality Report 2012/2013 to get the full story