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SOA Adoption: Hype or Reality?
This new Financial Insights' report comments on the maturity of SOA adoption, the implementation challenges, as well as the key business issues that banks are trying to resolve. "Ultimately, the true promise of SOA is enabling institutions to connect their internal systems to that of their customers, partners, and channels in order to seamlessly integrate with their workflow. And what a promise that is," said Rachel Hunt, European Banking research manager at Financial Insights.
The figure below illustrates the banks' primary reasons for adopting SOA.
Figure 1
Current projects are often focused on customer-centric initiatives and in particular around multi-channel integration. The ability to reuse existing infrastructure and create a flexible environment that can deploy new products and services rapidly, react to new regulatory requirements, while lowering costs of development, have been key business drivers.
The survey data reveals that some 40% of Western European financial services institutions already have SOA pilot projects in place, Financial Insights warns banks to focus on standards and project planning to avoid Web services' silos. However, larger banking organizations have already integrated SOA as part of their future technology roadmap at an enterprise level.
Financial Insights emphasizes that the next stage of SOA adoption is connecting the bank's internal systems to the systems of its customer and its partners in order to seamlessly integrate with their workflow. This is particularly relevant in corporate banking, where industrialization of the supply chain is an increasing competitive advantage. Ultimately, this is where the real value of SOA lies. Industry agreement on standards will be an important aspect of SOA success, without which deployment and interoperability will be limited.
Rachel Hunt explains: "SOA has become a beacon of hope, the magic ingredient to overcoming integration issues and the disconnect between business and IT requirements. But the benefits of SOA will be achieved only through a systematic approach to governance and business life-cycle management and institutions must avoid siloed entities of SOA within the organization."
This Financial Insights study, Saving Our Assets: European Banking Adoption of SOAs, by Rachel Hunt (Financial Insights #FIBA01P, Jan 2007), offers survey-based results for SOA adoption in banks as well as the key issues that banks are trying to resolve. The full report is available to qualified members of the media. For your report copy contact Cinzia Rinelli at crinelli@idc.com. For more information on purchasing this report, please contact: sales@financial-insights.com.
