Richard Graham, Associate Director, Coeus Consulting

Financial services players are working hard to keep abreast of new digital technologies, but barriers remain to their adoption, a leading transformation consultant has said.
“Our recent survey into strategic change, technology and disruption found that surveyed companies from the financial services sector are likely to be deploying a variety of methods for keeping up with new and disruptive technologies,” said Richard Graham, Associate Director, Coeus Consulting.
Approaching four in ten respondents reported that they have a dedicated team for monitoring technology advancements (39%). Furthermore, a third (33%) of finance respondents reported that their company keeps an eye on what their competitors are doing and then react accordingly.
The survey also revealed a number of barriers to technology adoption within the financial sector which may well explain why challenger banks have the upper hand over traditional incumbents. Aside from IT security (39%), the main barriers to technology adoption in include fear of disruption to the rest of the business (36%) and the strategy for adoption rarely being well thought out (27%).
“The balance between caution and ambition is a difficult one, made all the more challenging by the accelerating desire from customers to have products and services quicker than ever before,” concluded Graham. “Traditional banks must tread a fine line between adopting technologies quickly, without rushing the process and getting large investments wrong. If they cannot get this right then they could ultimately leave themselves exposed to being outdone by their competitors and see declining revenues and customer retention.”

by Guy Matthews