UK business leaders worried about losing out on tech innovation’s benefits, states Fujitsu’s report

Information and communication services provider, Fujitsu’s report on ‘Driving a Trusted Future in a Radically Changing World’ has revealed that a number of UK-based financial services leaders (56%) are worried about losing out on the benefits of the technological innovation owing to their unpreparedness. The report also stated that 48% of them are skeptical about their organization’s efforts in achieving preparedness for the same.

“It’s not surprising that many in the industry feel as if they haven’t put the right foundations in place to take advantage of all that technology has to offer for their business; and their customers. But they are clearly open to the potential of technology and are open to adopting new ways of serving their customers, so now is the time for them to put the right plans in place to ensure they are prepared to tap into the innovations to come. This includes making investment in digital technologies a key priority for the business,” stated  Ian Bradbury, Financial Services CTO at Fujitsu UK & Ireland.

The research revealed that owing to the changing financial ecosystem in the UK,  50% of the business leaders are unsure about their sector’s standing in the next five years with an additional 55% unable to predict customer needs in the near future. Given the rise of technological innovations and the risks along with it, 35% of them consider regulation, governance and cyber risks as the major threats to their organizational success.

Apart from this, 61% claim to have experienced radical change in the past five years and more than half of them feel positive about the effects of the changes on their businesses.

“Financial services leaders have been faced with no small challenge. Their customers are asking them to innovate and provide new digital services, but at the same time there exist very real threats in the form of data governance and protection. It’s a tough balancing act to get right. But they must ensure they find this balance if they are to increase trust among a skeptical and demanding public. Financial services leaders must continue to put themselves at the forefront of innovation and ensure they are prepared to take advantage of new technology that will see them create the digital-first future that so many customers are looking for, ” continued Bradbury.

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