It’s always best to stay ahead of the curve – regardless of what the curve represents – and this cannot be more true than when it comes to technology and operations.
FIS, a provider of fintech services and technologies, just released and shared with Traders Magazine its 2018 Readiness Report that canvassed more than 1,500 senior level respondents across the buy side, sell side and insurance industry to provide insight into digital priorities across the industry. The report also looks at how digital innovation is impacting growth and revenue, and how firms with advanced operating models (Readiness Leaders) are doing to remain ahead of the curve.
Among other insights, the Report found:
- Digital innovation strategies have the most discernible link with stronger revenue growth: Firms further ahead in their digital innovation are growing nearly twice as fast as the rest of the industry. Yet, while digital innovation, process automation and emerging technology have the greatest impact on revenue growth, this is an industry weakness overall.
- Organizational culture for innovation is essential: The leading 50% of the top 20% of financial institutions see talent as central to adapting the innovation culture. In fact, 32% of Readiness Leaders are collaborating with innovative partners and 35% are acquiring innovative firms.
- Cloud is at a tipping point in financial services: The industry is embracing cloud, even for mission-critical applications. Additionally, Readiness Leaders are turning sharply away from owned IT, with half looking to significantly reduce the size of their owned IT infrastructure over the next 12 months.
- Confidence is on the rise: Nearly half (47%) of firms believe their operations function is strong enough to fully support their growth ambitions – up 68% from 2017. Confidence in technology grew at similar rate since last year, with 41% of firms now believing their technology is sufficient to support growth (vs. 25% in 2017).
To view the entire report, please click here.