Digital transformation is a must in financial services, survey shows

Financial products and services providers that fail to digitally transform their business, will experience less new revenue streams, according to 25% of those surveyed at FinVision event.

The survey has been conducted by event host FintechOS and its findings show how crucial digital transformation is to the future of the financial services and insurance industries. Moreover, digital transformation in the financial services industry must be completed within the next two years if organisations want to remain competitive, the survey continued.

Other key findings from the survey include:

• All respondents (100%) agreed that the pandemic has accelerated the adoption of digital transformation strategies;

• 38% said that the skills gap is real and is the main factor preventing effective digitisation;

• 43% of respondents said that offering personalised customer experiences should be what banks, insurance providers, and financial institutions prioritise when it comes to digital transformation;

• After offering personalised customer experiences in banking and insurance, came the need to offer omnichannel services, which 38% said should be the top priority;

• Given the industry’s focus around Open Banking, just 4% said that harnessing APIs should be the main focus for banks and insurance providers, and only 3% said that utilising artificial intelligence should be the top priority;

• 41% said that inadequate means to integrate technology silos are preventing banks from fully utilising their data;

• A quarter (26%) said it was the length of time it will take to integrate data silos that prevents digital transformation, while a fifth (19%) are unsure of where to begin when it comes to digital transformation;

• And finally, 37% said that the biggest opportunity of Open Banking was the ability to offer more personalised services.

FintechOS surveyed FinVision attendees from November 17th to November 19th, 2020. 68 respondents took part from a range of financial institutions, fintechs, insurance providers, banks, and technology vendors.