NEW YORK, July 7, 2020 /PRNewswire/ -- More than half of
financial services companies plan to accelerate implementation of
their next generation technology strategies, according to a new
global survey of 500 financial services C-Suite executives and
their direct reports released today by Broadridge
Financial Solutions, Inc. (NYSE:BR), a global fintech
leader.
"Financial services players have shown they can adapt and change
during the pandemic. Going forward, they will continue to drive
digitization and mutualization to improve client experience,
resiliency, and cost," said Tim
Gokey, CEO of Broadridge. "Prior investments in digital,
cloud, and mutualized technologies have enabled companies to be
more resilient during the crisis, and executives are taking careful
note as they plan for the future."
Virtually all financial services companies expect the pandemic
to affect their operating model and strategy toward next-generation
technology. In the next six months, companies plan to focus on:
- Increasing cybersecurity and risk management (63%)
- Enhancing multi-channel client communications (60%)
- Improving customer engagement and experience (53%)
- Making significant cost reductions (45%)
Prior investments that were most beneficial in managing the
pandemic were interactive digital technologies (72%) – defined as
digitizing customer and employee experiences, workflows and
operations along with cloud technologies (59%).
As a result of the pandemic, many firms have reprioritized their
investment strategies. Businesses may never return to the old
"normal", leaving firms little choice but to accelerate their
digital transformation.
- 58% plan to increase investment in interactive digital
technologies
- 54% plan to increase investment in artificial intelligence
(AI)
- 49% plan to improve their ability to quickly gather and analyze
data moving forward
The pandemic has also changed the role of fintech service
providers, with 70% of respondents stating that fintech providers'
ability to offer innovative uses of next-generation technology is
now more important as a result of the outbreak. Almost half of
respondents agree that the pandemic increased the need to mutualize
– in other words, share or outsource – processing functions to
reduce costs and increase resiliency.
- Commercial and investment banks and broker-dealers agree most
strongly (54% and 49%, respectively)
- Sell-side companies believe this more strongly than buy-side
companies (49% and 42%, respectively)
- Hedge funds were least likely to agree (36%)
Leveraging next-gen technologies is part of Broadridge's
investment in The ABCDs of Innovation® - AI, blockchain, the Cloud
and digital – helping clients understand and apply these
technologies by simplifying the complex to help them be Ready for
Next. To see the full Broadridge Next-gen Technology Pulse survey
report click here.
Methodology
This Broadridge survey was conducted by ESI ThoughtLab to assess
the adoption of next generation technologies. C-Suite executives
and their direct reports from 500 financial institutions globally
were surveyed, with fielding completed June
1, 2020. The survey was administered to executives from
buy-side and sell-side firms, including universal banks (20%),
commercial or investment banks (16%), broker-dealers (14%),
investment/asset managers (15%), insurance companies (13%), hedge
funds (11%) and wealth managers (11%). Responses were split evenly
among the APAC, EMEA and North American regions. For further
details on survey methodology, please contact a Broadridge media
representative.
About Broadridge
Broadridge Financial Solutions, Inc.
(NYSE: BR), a $4 billion global
Fintech leader, is a leading provider of investor communications
and technology-driven solutions to banks, broker-dealers, asset and
wealth managers and corporate issuers. Broadridge's infrastructure
underpins proxy voting services for over 50 percent of public
companies and mutual funds globally, and processes on average more
than U.S.$7 trillion in fixed income
and equity securities trades per day. Broadridge is part of the
S&P 500® Index and employs over 11,000 associates in 18
countries.
For more information about Broadridge, please visit
www.broadridge.com.
Media Contacts:
Matthew
Luongo
Prosek Partners
+1 646.818.9279
mluongo@prosek.com
Linda Namias
Broadridge Financial Solutions
+1 631-254-77711
Linda.Namias@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.