Financial institutions invest in IT to combat disruptors
Duncan from Fujitsu, said:
“Financial services firms are clearly recognising the risk of digital disruption in their sector. With the threat of new market disruptors such as challenger banks, 54% of traditional financial services firms are planning to invest in their IT systems. Digital transformation has therefore never been more important for financial institutions. Consumers are demanding the latest digital services from their banks, with one in three prepared to leave their provider if they fail to offer up to date technology, according to Fujitsu’s New Pace of Change study. Equally worrying is the fact that consumers recognise the clear advantages that digitally-native companies have in meeting their needs. A fifth of people would buy banking or insurance services from potential disrupters like Google, Amazon or Facebook. Keeping up with the latest digital innovations is therefore vital for financial services to survive.
“But digital transformation is not only a challenge, but an opportunity. For example, consumers are now willing to purchase services such as home energy, data storage, broadband or mobile contracts from their bank or insurer. There is the potential to open up new revenue streams and offer entirely new services to customers. The financial institutions that act boldly and embrace this new digital age will be successful and secure their future.”