According to the study, only 20% of the firms are excelling at supporting new regulation and responding rapidly to client demands and that the leading firms are rethinking their operations, forming external partnerships.
The study shows that forward-thinking firms are breaking away from the industry’s long-held not invented here approach to managing operations to create a more open, agile and customer-focused model that expands the traditional boundaries of collaboration with external partners.
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In the survey, while 77% of the respondents cited regulatory requirements, 59% point to more demanding customers as the main external market drivers triggering changes in their operating models. Only 22% of the respondents were known to be currently excelling at meeting both.
Ron Lefferts, financial markets industry leader for IBM Global Business Services remarked "Regulation and operating efficiency have always been concerns for securities firms, but the growing demands and sophistication of today’s financial services clients are requiring firms to innovate not just in the products they offer, but also in how they adapt and run their businesses."
"Leading firms have looked at their own ecosystems and are embracing new operating models as part of their organizational DNA to get closer to their clients and create a differentiated experience," he added.
Further, the competition to retain customers and grow share was also found to have become more intense for financial markets firms.
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By GlobalDataThe study revealed that major firms are gaining market share by looking outward, addressing how they interact with the marketplace.
