Financial services sector is modernising applications to provide secure digital experiences

State of Application Strategy Report- Financial Services Edition

F5 announced the availability of its 2022 State of Application Strategy Report- Financial Services Edition. This year’s report shows the strategies adopted by financial services organisations in digital transformation with the focus on improving customer experience. Financial services organisations—from banks and payment processors to insurers and investment services—must continue to accelerate their digital transformation process to keep up with the rising customer expectation of secure digital interactions.

The result of this report reveals the following insights:

Continued digital transformation and rapid modernisation: 99 per cent of financial services organizations in the Asia Pacific are modernizing their applications.

Maturing multi-cloud strategies: 69 per cent of financial services organisations in the Asia Pacific have multi-cloud strategies. The growing industry confidence in public and hybrid clouds is evidenced by cloud deployment not only of commoditised functions such as data lakes but also by increasing use of:

  • Infrastructure as a Service (IaaS), used by 42 per cent of respondents
  • Platform as a Service (PaaS), used by 37 per cent of respondents
  • Security as a Service (SECaaS), used by 43 per cent of respondents

Increasing focus on security: 60 per cent of BFSI organisations in the Asia Pacific report that they have already implemented one or plan to implement API security solutions

Balancing security with performance: 70 per cent of financial services in the Asia Pacific would trade varying levels of security for better performance

F5’s 2022 State of Application Strategy Report- Financial Services Edition reflects the responses of more than 200 financial services IT decision-makers working for organisations of all sizes around the globe. The North American and the Asian Pacific regions were particularly well represented.

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