Gartner estimates that financial-services firms spend between six and seven percent of revenue on IT.1 Yet on average, they only realize 43 percent of their technology’s potential.2

This lag in technology is often due to size, complexity and legacy systems that limit agility. Greater regulatory changes, as well as mergers and acquisitions have resulted in a more complex IT infrastructure for many organizations. In addition, the need for leaner, meaner processes has increased since the recession.

Applications that span an organization’s IT infrastructure to automate day-to-day processes, like loan origination and inter-bank transactions, can help financial service firms become more agile and increase visibility into the business.

However, financial services firms must find a way to span users, systems and departments without spending millions of dollars on redesigining systems and get the most out of the IT systems they already have in place. If that’s not reason enough, here are five more compelling reasons to consider using business apps to modernize.

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