Digital transformation increasing among financial institutions

New research points to an acceleration in the growth of investment in digital transformation processes within the financial sector. The study of 1,050 financial institutions worldwide, conducted by IDC for NTT, showed businesses most active in the world of finance and capital management are driving transformation, implementing and experimenting with new technologies such as AI and advanced data services.

Insurance companies and banks are lagging behind, according to the study, which found about 35% of insurance companies and 47% of banks are still far behind in the financial services market with regards to implementing new digital services.

The study also suggests that, at a global level, the move towards innovation is far more effective in large institutions where a greater number of projects have been successfully tested and implemented.

Smaller businesses have to deal with three main problems: the lack of an internal digital transformation team of experts, the idea that innovation is more of a cost than an investment and a reduced ability to identify the benefits that innovation brings to the company.
“We are seeing care and caution in terms of DX adoption across UK FSIs, but more often than not culminating in a successful implementation,” says head of insurance at NTT DATA UK, Kim Gray. “This methodical approach – coupled with collaboration and widespread workforce engagement – is resulting in increasing success in DX projects, and should not be underestimated.”

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