Legacy IT hampers digital strategy at banks and insurers

A highly regulated environment, a risk-averse culture and a reliance on core legacy technology are holding back banks and insurance companies from modernization. A study from Forrester has identified data as one of the key areas that needs improving for businesses to embark on a successful digital strategy. The digital transformation race has begun, a study commissioned by Virtusa, found that businesses that struggle with data optimisation will struggle to drive positive customer outcomes through digital marketing. Forrester said that data quality, access and action are among the areas businesses struggle with when trying to derive value from collecting big data. The research, based on a review of 600 major firms across the US and Western Europe, found that the vast majority were still struggling to deploy digital technologies.