UK finserv industry says public are stifling technology adoption
More than half (56%) of the UK’s financial services industry say they are “missing out” on innovation opportunities because “public or customer nervousness” over digital transformation has stopped them from adopting certain technologies.
In a report by Fujitsu called ‘Driving a Trusted Future in a Radically Changing World’, half of the industry says it has not planned “radically enough” for innovation.
This is balanced out by the other half, which sees itself as “a leader in technological innovation over the last five years”.
“It’s not surprising that many in the industry feel as if they haven’t put the right foundations in place to take advantage of all that technology has to offer for their business; and their customers,” says Fujitsu’s UK and Ireland financial services CTO Ian Bradbury.
Bradbury adds: “But they are clearly open to the potential of technology and are open to adopting new ways of serving their customers, so now is the time for them to put the right plans in place to ensure they are prepared to tap into the innovations to come.”
This is reflected in the 71% of industry leaders who know technology is vital to the future success of their company. The openness and “sizeable financial commitment” Bradbury talks about in relation to digital transformation is not a problem for banks. Instead, it’s a question of acclimatising their customers to change.
But this is difficult to achieve quickly when 42% of the industry fears the public trust them less today than they did five years ago.
“It’s a tough balancing act to get right,” says Bradbury. “But they must ensure they find this balance, if they are to increase trust among a sceptical and demanding public.”