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Financial services: Ready for next-generation technology?

We are entering ‘The Fourth Industrial Revolution’. Professor Klaus Schwab, founder and executive chairman of the World Economic Forum, has described an emerging era where industries are being transformed, disrupted and invented. Fuelled by next-generation technologies – artificial intelligence, machine learning, predictive analytics, big data – financial services firms are at the vanguard of this revolution.

Digital Reasoning commissioned to conduct a survey of senior executives (C-level, Heads, Directors and equivalent) at major UK and North American financial institutions to learn more about their readiness for next-generation, disruptive technologies.

The industry is among the leading users of intelligent analytics and is finding new opportunities to drive revenue, mitigate risk, and improve the customer experience. However, financial services has unique requirements and challenges: regulatory compliance, data protection and governance. We wanted to understand how leaders balancing these requirements with the need to innovate, grow and compete? contacted 7,500+ decision-makers to explore the topic.

Key findings:

  • 72% consider customer experience the primary way they will differentiate themselves from the competition
  • Predictive analytics is the most popular 2018 investment for finance leaders
  • Lack of in-house expertise is the main barrier to investing in next-generation technologies
  • Increasingly complex cyber-attacks are the biggest challenge facing the industry over the next 12 months