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Regulation is the biggest barrier to UK’s digital innovations- says FIS’ research

Martin Boyd, Head of Capital Markets at FIS

Recent research by financial technology provider, FIS, has unveiled that regulatory compliance risk stands as one of the greatest barriers in front of UK financial institutions developing digital products.

Martin Boyd, Head of Capital Markets at FIS said: “Overall, the UK institutions are well-developed in their digital strategies but there is still significant work to be done to modernise systems and adopt new technology to retain their competitive edge. Financial services leaders are charting a path to future success by aligning technology, operations and talent to support new business models. While the capabilities gap is closing, all financial institutions need to leave legacy models behind, move towards a more agile, open innovation model and take a targeted approach to emerging technology to maintain a growth advantage.”

The findings have been taken from FIS’ global Readiness Report. Other findings show around 38.5% of the respondents in the process of migrating their infrastructure to the cloud, 53% being wary about adopting APIs, 46% of UK firms applying AI to basic tasks and risk management and organisational structure being instrumental in driving growth.

The FIS Readiness Report is published annually, surveying more than 2,000 C-level and senior executives across buy-side, sell-side, insurance firms and new for this year, retail banking firms, analysing firms’ readiness for automation, data management, emerging technology, digital innovation strategy, client value and risk management. The results of the survey form FIS’ Readiness Leaders’ Index.

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