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Fujitsu Study Finds Financial Services industry is most concerned about future amid digital disruption

Fujitsu UK & Ireland

News facts:

  • 92% of financial services firms surveyed have already taken measures to thrive in a digital world
  • 96% of financial services firms surveyed still feel the need to evolve further to ensure their long term future in a digital world but 56% consider digital disruption a positive force
  • Over half (56%) of those surveyed believe their business will not exist in its current form in five years’ time
London, February 27, 2017

The majority (78%) of financial services firms surveyed in the UK are worried about the future of their organisation when considering the impact of digital disruption. This makes it the most concerned industry when compared with the retail, public and manufacturing and utility sectors, according to a new study commissioned by global ICT company Fujitsu. The Fit for Digital: Co-creation in the Age of Disruption report shows that while most C-suite executives (80%) surveyed believe digital disruption presents exciting opportunities for them and nearly all of them (92%) report a need to evolve from their existing business models in order to thrive in a digital world. Despite mainly positive perceptions (56%) of the benefits digital disruption brings, the same number believes their business will not exist in its current form in five years’ time.

The impact of digital has already been felt amongst financial services firms, with 63% stating that their sector has been fundamentally impacted by the digital transformation of business operations and processes. The main effects identified were: increased innovation (52%), a faster pace of change (52%) and increased competition for talent (48%). When asked about the most significant force behind driving digital disruption, 54% of financial services decision makers pointed to their competitors, well ahead of their customers (31%). In comparison, 35% cited their leadership team as driving digital disruption internally.

“Digital - and specifically the need to use digital technology to improve service offerings and drive revenue - is now a pillar of business strategy in the financial services industry. Both the challenge and potential of digital touches all parts of a company’s business,” said, Mike Foster, Managing Director, Financial Services, UK and Ireland, Fujitsu. “There is a substantial opportunity to embrace the notion of becoming more digitally disruptive. Our research underscores that 96% of financial services organisations have already taken measures to thrive in a digitally disrupted world.”

Measures taken to capitalise on the digital economy include the investment in new technologies (62%), changing business strategies (54%) and investing in operational improvements (46%). Yet the vast majority (70%) don’t think their organisation is moving fast enough when it comes to digital disruption, naming the complexity of the challenge (44%), ageing technology and infrastructure (41%) and fear of change/internal culture (41%) as the main stumbling blocks.

“The financial services industry clearly recognises the value of digital disruption but, at the same time, it is also the most concerned industry about its implementation,” added Mike Foster. “Our findings reveal that a focus on digital skills (63%) coupled with greater agility (48%) and the right technology partners (44%) are the key factors that would make business leaders feel more confident in their organisation’s ability to thrive amid digital disruption.”

Additional key findings of the report include:

  • 100% of business leaders surveyed expect their sector to be impacted by digital disruption in the future
  • 70% of those surveyed state they are more confident now that they are able to make the right decisions on digital than they were two years ago
  • 82% of surveyed execs believe their sector will fundamentally change by 2021
  • 56% of financial services firms that were surveyed wish they weren’t experiencing digital disruption – the highest of any sector
  • 100% of those surveyed say their individual organisation has already been impacted by digital disruption

Notes to editors

Read or download the “Fit for Digital: Co-creation in the Age of Disruption” report.

This quantitative research was carried out in September 2016 by independent research company Censuswide. 1180 C-Suite decision makers within mid to large sized businesses across public sector, financial services, retail and manufacturing.

Sample size per country:

  • UK – 156
  • US – 210
  • Australia - 152
  • Germany 152
  • Spain –150
  • France – 150
  • Italy – 150
  • Finland – 30
  • Sweden – 30

About Fujitsu

Fujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 156,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.7 trillion yen (US$41 billion) for the fiscal year ended March 31, 2016. For more information, please see http://www.fujitsu.com.

About Fujitsu in the UK & Ireland

Fujitsu employs over 14,000 people in the UK & Ireland, with total revenues exceeding £1.8 billion. Offering an integrated product and service portfolio, we deliver consulting, applications, technology products, systems integration and managed services, including cloud-based solutions, for customers across both public and private sectors, including retail, financial services, telecoms, government, defence and consumer IT. For more information, please see http://uk.fujitsu.com.

Ruby Aryiku

Phone: Phone: +44 (0)20 7861 2843
E-mail: E-mail: teamfujitsu@harvard.co.uk
Company:Harvard PR

Graham Goulden

Phone: Phone: + 44 (0) 843 354 9568
E-mail: E-mail: graham.goulden@uk.fujitsu.com
Company:Fujitsu UK & Ireland

Date: 27 February, 2017
City: London