Leaders within the financial sector believe that technologies are already shaping the future of finance. 89% of Britain’s financial organizations' leaders say that changes led by technology are something good. In contrast, other business leaders feel way more reluctant towards tech trends.
Leaders within the financial sector believe that technologies are already shaping the future of finance. 89% of Britain’s financial organizations’ leaders say that changes led by technology are something good. In contrast, other business leaders feel way more reluctant towards tech trends. As much as 50% of the surveyed financial leaders agree that banks would be completely different in ten years time. Believe it or not, 95% say technology is driving their business forwards.
70% of the participants admit their belief that technology is the key to overcoming current social and economic issues. Moreover, the report by Fujitsu clearly shows that financial leaders embracing technology are those innovating and shaping UK’s future. Unsurprisingly, the banking sector is the one that changes at highest speed.
What is more interesting is that the report reveals that both financial leaders and customers want to see artificial intelligence, biometrics, and 5G mobile internet take over the sector. Both sides believe these technologies are making life easier for everyone. The managing director of Fujitsu Mike Foster commented “This perception is fully justified. The majority of financial services organizations have not only embraced technology but are seeing benefits with workforce productivity, operational efficiency and in driving business growth.”
Furthermore, tech change is inevitable having in mind that regulations are already made in accordance with technology. Take the PSD2 for example or the adoption of blockchain by central banks. This clearly shows governments are doing their best not to fall behind tech trends. After all, everyone agrees that technology enhances productivity and efficiency.
The single most important challenge for financial leaders is to keep their databases protected. As you know cybercriminals are always one step ahead of cybersecurity companies and keeping them away from clients’ financial data is time and money-consuming. The fact that there is not enough talent in the sector only makes things worse.
“While there are a wealth of digital tools and services available for consumers, there is a need for banks to collaborate to begin to address their digital future. Whether that’s coming together to address cybersecurity risks, or working together to address the skills gap, the focus must now be on the internal demands to ensure success,” were the words of Mike Foster.
Undoubtedly, the future of Open Banking depends heavily on building trust between financial institutions and their customers.