IDC describes this market as the “third platform” and said the four pillars of this temple are mobility, cloud, big data and analytics, and social business.
Karen Massey, a senior research analyst at IDC, said these four elements have “caused a fundamental shift in how financial services are consuming and budgeting for IT and applications”.
Mobility includes hardware like smartphones and tablets;mobile software; and mobile services.
Cloud includes software as a service (SaaS); Platform as a service (PaaS) and infrastructure as a service (IaaS).
Big data and analytics is important to financial service companies because it helps to optimise business, improves compliance and “engages customers by using data driven deision making”.