NEW YORK, Sept. 21, 2012 /PRNewswire/ -- A new report released by IBM (NYSE: IBM) in collaboration with Broadridge Financial Solutions, Inc. (NYSE: BR) reveals that increasing regulatory pressures and shifting customer demands are forcing financial markets firms to transform how they operate. 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.
In a survey of 133 senior business executives and top IT decision makers from large and small firms located in the world's trading centers – the United States, United Kingdom, Singapore and Hong Kong – 77 percent cite regulatory requirements and 59 percent point to more demanding customers as the top external market drivers triggering changes in their operating models. Only 22 percent of the firms currently excel at meeting both."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," said Ron Lefferts, financial markets industry leader for IBM Global Business Services. "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." The battle to retain customers and grow share has become more intense for financial markets firms. In fact, industry analysts estimate 15 to 20 percent of wholesale and investment banking clients will be shopping for a new provider in the next few years.