Digital Transformation Delivering Unambiguous Value in Financial Services, Finds New Survey from Fujitsu
- In an industry with more exposure to digital transformation than most, financial services organizations say they have benefited from unambiguous gains across a range of vital KPIs
- The most significant transformation challenge going forward is the complexity of implementation, faced with new demands created by hyper-competition, cyber security and workplace transformation
- In the face of heightened complexity, successful transformation will increasingly depend on partners’ ability to deal with technical and cultural intricacy and to work harmoniously within expanded ecosystems, says Fujitsu
Munich, April 13, 2021
Digital transformation (DX) is not just a buzzword in the finance industry – it is delivering significant revenue increases, improvements in cyber security and customer relationships, and delivery of purpose-driven sustainable business initiatives. These are among the main findings in new research published today by Fujitsu.
Based on a global survey of executives in the banking and insurance industry1, Fujitsu found unambiguous evidence of the value provided by DX in the sector. 85% said DX initiatives had positively increased revenues, and 84% took the same view on improving risk and security. A large majority also reported DX contributing to strengthened customer relationships (83%), building trust (83%), enablement of new ecosystems (82%), and driving a purpose-driven sustainable business approach (82%).
High levels of support for DX shown by the survey are even more impressive in the light that financial services organizations have more experience of change programs than most other sectors. Banks and insurance companies have transformed themselves over the past decade, ushering in new digital solutions, omnichannel excellence, and radically upgraded customer and employee experiences – all supported by business transformation and enabling technologies. The survey shows that most have mature IT strategies and implementations in key areas. Over 80% of respondents reported mature implementations in place in cyber security (86%), digital transformation initiatives overall (84%), private cloud (83%), and workplace innovation (83%).
Complexity is the biggest challenge
Despite this apparent maturity, the industry now faces new challenges brought about not just by the pandemic but by hyper-competition driven by new technologies, new niche digital-native entrants, and technologically advanced traditional competitors. At the same time, growing security threats and ever-changing regulatory compliance requirements add to the complexity and challenge. Indeed, the complexity of implementation is the biggest challenge to DX overall, says the survey, with more than three quarters (76%) rating it as moderately to extremely challenging.
Wilhelm Petersmann, Head of Financial Services Central Europe and Managing Director of Switzerland and Austria, at Fujitsu, comments: “These findings come at a crucial time for banking and insurance companies. They are reviewing their needs and priorities for the next wave of transformation – primarily driven by hyper-competition and the workplace transformation needed to respond to that competition. The executives in the survey understand that complexity of implementation is their principal challenge, making partner choice critical going forward. Now, more than ever, proven ability to deal with technical complexity and the cultural attributes to drive change in expanded ecosystems are the essential characteristics for success.”
Notes to editors
1Independent research and advisory firm DataDriven, surveyed almost 550 ICT executives - 158 from the financial Services, Banking and Insurance (FSBI) industry - across the globe on their attitudes, plans, intentions, challenges and risks around digital transformation and IT in general.
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About FujitsuFujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 130,000 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 3.9 trillion yen (US$35 billion) for the fiscal year ended March 31, 2020. For more information, please see www.fujitsu.com.
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Date: April 13, 2021