Trends Report

The State Of Digital Transformation In Financial Services, 2020

January 10th, 2020
Oliwia Berdak, VP, Research Director
Oliwia Berdak VP, Research Director
Luis Deya, null
Luis Deya

Summary

Digital transformation is a journey, not a destination, but only 26% of financial services firms have acknowledged this fact. Customer experience remains the top driver for digital transformation in financial services since 2017. Revenue growth and cost reduction are still key objectives, along with improving operational efficiency. IT processes take priority in digital financial services transformation, ahead of financial processes and customer service, and financial services firms devoted 26% of their IT budget to digital transformation in 2019, a 3-percentage-point decrease since 2017. Cloud dominates financial services’ technology investment: 68% will invest in software-as-a-service (SaaS) as part of their digital transformation, followed by infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS). Fifty-three percent of financial services firms are investing in artificial intelligence (AI), machine learning (ML), and cognitive computing as part of their digital transformation, followed by internet of things (IoT) and blockchain.

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