One of the big challenges facing a lot of companies in the finance sector is adapting the aging IT landscape while new competitors enter the market. The established players often still work with software from the beginning of the century while the market requires new, digital solutions. On the surface, that change has already begun, however, the backend applications remain often untouched, which can create various issues down the road.

Another major challenge is IT security. This includes a mix of internal problems – such as old applications that cannot be updated, insider threats, etc. – and external ones – such as professional or even state-sponsored hacker groups, banking and insurance IT requirements, employee shortages, etc.