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Global Tech Study Reveals How Financial Firms Grapple With AI, Cybersecurity, Training | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware


The study reflects the attitudes towards digital technology present in sectors including private banking and wealth management, although the report did not specifically mention those sectors. Thirteen per cent of all executives surveyed were from wealth management firms. 


A study from New York-listed Broadridge
Financial Solutions finds that three-quarters of executives
at financial institutions are confident that they have their
technology journey in hand, but there’s a split between leaders
and the rest of the pack.


While more than two-thirds say they have made meaningful progress
in modernising their core IT platforms, the survey found that
firms must innovate to grapple with generative AI, cybersecurity
challenges, and demands for digital customer experiences.


Perhaps more concerningly, the study also found that only 28 per
cent of all executives are in advanced stages of putting a
digital skills and talent strategy into place.


Findings come from the 2024 Digital Transformation and
Next-Gen Tech Study
, which is based on the views of 500
global C-suite and senior executives across the buy side and sell
side.


The study reflects the attitudes towards digital technology
present in sectors including private banking and wealth
management, although the report did not specifically mention
those sectors. Thirteen per cent of all executives surveyed were
from wealth management firms.


The study categorised firms as digital “leaders” versus
“non-leaders,” based on their advancement levels across 10
essential aspects of digital transformation, including modernised
core IT, the use of automation tools, innovation culture, data
management, and digital customer experiences, among others. 


Infrastructure

On infrastructure, more than 80 per cent of all executives
indicate that they are making the biggest day-to-day investments
in building an advanced IT cloud platform. Most executives also
expect to maintain or increase their investment in next-gen
technologies such as AI, quantum computing, crypto/digital
assets, and blockchain over the next two years.


“We are seeing significant momentum across financial services as
firms leverage new technologies like GenAI to solve their most
pressing business challenges, while also gaining measurable value
from more established forms of AI, blockchain, cloud and core
infrastructure technologies,” Chris Perry, president of
Broadridge, said.


The financial services sector expects “personalised and seamless”
digital customer experiences. Some 40 per cent of respondents
indicate that being customer obsessed with priorities deeply
rooted in client needs is the top accelerator of digital
transformation. 


AI

Perhaps unsurprising, AI affects changes in customer experiences.
Some 70 per cent of “leader” organisations, and 52 per cent
overall, indicate that they are prioritising their AI investments
in customer interaction to fuel stronger and more meaningful
customer engagement. 


In other findings, 71 per cent of leaders have reached the
advanced stages of implementing digital skills and talent
strategy, compared with 12 per cent of non-leaders. A further 85
per cent have created an advanced innovation culture versus
24 per cent of non-leaders.


Cybersecurity

Over the next two years, financial institutions plan to boost
their investments in cybersecurity by 28 per cent on average;
impacting their internal security protocols, but also how they
engage with third-party technology vendors. 


According to the study, cybersecurity is the top capability
executives say they expect from their technology vendors,
outpacing their ability to deliver projects on time and on budget
and building next-generation technologies into their solutions.

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