Security News > 2022 > January > Digital transformation leaders reaping the fruits of their investments

Financial services firms who invested in next-gen technologies and continued their digital transformation push in 2021 are already experiencing the positive effects of these investments, according to a global survey of 750 financial service firms, released by Broadridge Financial Solutions.

It also evaluated progress in developing the strategic and organizational components of transformation, as well as use of next-gen technologies such as AI, blockchain and the cloud to categorize firms as Beginners, Implementers, Advancers or Leaders in the Broadridge Digital Transformation Maturity Framework.

The survey found that leaders at financial services firms that were further along in their digital investments were 1.5x more likely to report increased revenues as a result of their digital transformation than those in the earlier stages.

"This year's survey confirms that leading firms are more driven than ever to implement the key pillars of a digital-first future. As a result, digital transformation leaders are seeing accelerated growth," said Tim Gokey, CEO of Broadridge.

In terms of next-gen technologies that underpin digital transformation, artificial intelligence experienced the biggest jump in implementation levels at financial services firms.

The top three obstacles firms face in implementing these emerging technologies and accelerating digital transformation include: the rapid pace of technological change, the lack of a roadmap for innovation and the struggle to modernize IT infrastructure.

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https://www.helpnetsecurity.com/2022/01/24/financial-services-digital-transformation/