According to a report by Broadridge Financial Solutions, financial firms faced a need for technology transformation even before the pandemic. A digital transformation would as regulate cost pressures, increase competition and shift customer expectations acted as catalysts for change. Now, in the wake of a global shutdown, record unemployment and social restrictions, they are revising their plans to adapt to a new digital-first environment. Almost all are turning to next-gen technologies to address the complexity ushered in by the global crisis. This study takes the pulse of the market today: where financial firms are, where they are going and how they will adapt to a new digital environment to get there.
Many executives see short-term cost reductions as inevitable. However, most expect their businesses to recover soon. As they adjust to new priorities and opportunities, they are accelerating their plans to implement next-gen technologies and the underlying data and analytics that power them.
Firms are optimistic about the road ahead
For some firms, “recovery” may mark a relative return to pre-COVID-19 conditions. However, for many, financial firms are accelerating to adapt to a new digital environment. Adjusting to remote working conditions is the obvious change, but there’s a broader focus on technology transformation. Organizations that seize upon next-gen technology opportunities may widen their competitive advantage.
Find Broadridge’s full survey here.
About Broadridge and the study:
Broadridge began as the brokerage services division of ADP in 1962. Since becoming independent in 2007, they have grown into a global Fintech company with over $4.5 billion in revenues and are recognised as an invaluable partner for the world’s leading companies and financial institutions. This Pulse Survey, completed June 1, 2020, is based on research commissioned by Broadridge. It surveyed the views of 500 global C-suite executives and direct reports from buy side and sell side financial institutions.