Financial firms faced a need for technology transformation even before COVID-19 hit, as regulatory cost pressures, increasing competition, and shifting 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 for business transformation. Almost all are turning to next-gen technologies to address the complexity ushered in by the pandemic.
ThoughtLab conducted a pulse survey for Broadridge, gaining the insights of 500 senior executives at financial services organizations around the world, ranging in size from $1 billion to more than $500 billion in assets or assets under management. This study takes the pulse of the market today: where financial firms are, where they are going, and how they will use technology to get there.
The study found that many executives see short-term cost reductions as inevitable. However, most expect their businesses to recover relatively 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.