Global Financial Services Industry Trends
Today, digital transformation is critical to business success, and through the introduction of new digitalization technologies and processes, the financial services industry is firmly at the forefront of innovation. To help illuminate the way forward, Fujitsu, in partnership with independent research and advisory firm DataDriven, surveyed 169 financial services, banking and Insurance ICT leaders as part of a wider survey of 600 global industry leaders. In our report - Digital Transformation Trends in the Global Financial Services Industry, ICT leaders reveal their thoughts on digital transformation - where they are focusing their strategy, the challenges they expect to encounter, their future transformation plans and the rewards they expect to achieve.
Report Key Findings
Financial organizations have multiple business objectives.The majority of leaders (two-thirds) advised their overriding priorities as improving user experience and satisfaction levels for both customers and employees. Other important objectives include creating a more efficient and safe working environment, reducing physical and virtual risk, increasing efficiency and managing cybersecurity.
|improving the customer experience
|improving customer satisfaction
|improving the employee experience
COVID-19 will have an important impact on business over the next 12 months.One in three finance leaders believes Coronavirus will positively impact their business.
|significant positive impact
|minor positive impact
Technology is seen as a positive force driving ICT spending.While those surveyed advised of many factors impacting their spending, over two thirds (70.4%) advised seeing technology changes as a positive force driving ICT spending. The majority of respondents report plans to increase their ICT investment over the next year - drivers include changes in technology, increased R&D, the positive impact of industry regulations and increased focus on security.
|AI & machine learning
ICT leaders see cybersecurity as both a key objective and a challenge.Financial organizations have already made significant investment in implementing cybersecurity with established products such as antivirus and spyware, incident detection and response, ransomware protection and data privacy. Over the next 12 months, investment will increase across a wide range of additional cybersecurity initiatives.
Trust and sustainability are seen as the foundation for successful digital transformation.Digital transformation is not just a buzz word for the financial services industry. Over three-quarters (82.3%) of the financial ICT leaders surveyed advised their motivation to increase digital transformation as a drive to purpose-driven sustainable business by reducing waste and improving products. In addition, 85% of respondents reported digital transformation initiatives having a positive impact on increasing revenues as well as improving risk and security.
|integration into customer ecosystems
|driving a purpose-led sustainable future
Increased investment in workplace innovation to enhance the employee experience.Most financial organizations have already made a significant investment in workplace innovation, including the provision of remote working equipment and associated security environments. This level of investment is set to continue over the next 12 months with over three-quarters of respondents advising their plans for continued investment in workplace innovation, security and improved access to information.
|moving applications to the Cloud
|remote working equipment
Increased AI technology implementation across a broad range of internal, customer-facing and staff support applications.Over the next 12 months, AI implementation will increase across a broad range of internal, customer-facing and staff support applications, including automation of customer services, compliance, fraud detection and authentication processes.
Data is the lifeblood of the finance industry.Within finance ‘data is king’, and automation and data analytics are seen as the key to understanding customer trends, improving the customer experience, developing future services and tailored customer products. Around three-quarters (73.6%) of the financial ICT leaders surveyed believe data is a priority for any transformation initiative.
|balancing old & new systems