Financial services seizing value with technology
January 7, 2019
In brief
In brief
- Oxford Economics and Accenture surveyed 90 financial services executives to uncover how they’re using technology to enhance their competitiveness.
- Nearly all financial services firms report having a long-term strategic plan for technology innovation, though there are obstacles to overcome.
- Many executives predict that non-financial technology companies will become major players in financial services within five years.
- While cloud technology has played a major part in digital transformation so far, artificial intelligence and blockchain are emerging leaders.
Accenture partnered with Oxford Economics to survey 90 financial services executives, equally represented across insurance, banking, and capital markets. The survey results provide insights into where firms are realizing value from their technology investments and what they expect to invest in to boost their competitiveness amidst industry disruption.
Financial services firms are preparing for the future
The majority of financial services firms surveyed have a strategic plan in place for technology innovation. While their focus on data analytics and cloud applications is maturing, firms are setting their sights on what’s to come—emerging technologies like artificial intelligence and blockchain.
Financial services firm believe digital capabilities are foundational to their competitiveness and feel confident about their digital strategies.
90%
of respondents say they have a long-term plan for technology innovation.
41%
of respondents say they are investing today in artificial intelligence to improve operations.
37%
of all respondents expect to invest in internal blockchain applications in three years.
Extracting value from technology investments
Investing in emerging technology is about more than chasing trends. Financial services executives expect their investments to help build their business, improve customer loyalty, create new revenue streams and increase market share—all key components in improving overall competitiveness.
What’s holding them back?
Across industries, financial services firms cite that lack of collaboration between IT and the rest of the organization, lack of change management, regulatory/compliance challenges and system integration issues are the prominent obstacles standing in the way of realizing the full value of their investments.
The elephant in the room
Fintech firms and non-financial tech companies are edging into all areas of financial services. Sixty-eight of our survey respondents expect that in five years consumers will do most of their savings, investing and borrowing through non-finance platforms like Amazon and Google. For insurance, that number is even higher at 83 percent. Financial services firms understand that digital capabilities are foundational to their competitiveness, and they’re strategically investing in their future. Learn more about the survey results and recommended actions in our full report below or industry reports for banking, insurance and capital markets.
Transformation across financial services
Financial services firms believe digital capabilities are foundational to their competitiveness. How are banks investing in AI? Will insurers expand their use of cloud-based technologies? Are Capital Markets firm embracing blockchain? Learn more about these and other insights in these industry focused reports.
VIEW ALL
Related capabilities
Subscription Center
Stay in the Know with Our Newsletter
Stay in the Know with Our Newsletter
Follow us: Follow us: