Technology Focus Shiftingto Application Needs, Not Underlying Technology

Uncertainty about the future of operating systems and devices used by financial services firms is forcing technologists to consider platform-agnostic application development.

A new report from Greenwich Associates, The Future of Financial Markets Operating Systems: Here Comes HTML5, urges application developers to focus on building OS agnostic solutions.  

Of the 149 financial service firms participating in the related report study, only 35% of respondents have committed to Windows beyond 2017 and even though Apple has built a 22% market share among respondents, Greenwich Associates believes the majority will continue using Microsoft. 

The proliferation of BYOD (Bring Your Own Device) mandates and industry wide diversification of devices has further clouded the technology landscape in financial services.  “We’re seeing wide spread hesitation to commit to technology even three years down the line,” says Dan Connell, head of the Market Structure and Technology practice at Greenwich Associates and author of the report. “This only heightens the importance of future-proofing new applications so that the underlying operating system and hardware doesn’t matter.”

The Emergence of HTML5
Despite its roots in web content development, HTML5 has emerged as a focal point in this transition. The language is swiftly proving itself by delivering native, real-time financial applications regardless of OS or device.

HTML5 is an industry standard free from vendor control and provides the performance needed to compete in fast-paced markets and the multimedia-rich experiences demanded by today’s users in financial services.

Despite the benefits of HTML5, only 40% of respondents reported having an HTML5 strategy in place at their firm.  “Now is the time to implement an HTML5 strategy to ensure stability in the increasingly fragmented mobile and OS landscape,” says Kevin McPartland, head of Market Structure and Technology research at Greenwich Associates. “HTML5 strategies are no longer proactive, they’re imperative. Our research shows some of the largest banks have commissioned HTML5 working groups to reprogram existing applications and plan future development efforts."