Despite the pace of technological innovation, many firms are “digital laggards” for not embracing the opportunities.
A global survey of 2,500 investors and managers by State Street found that while 64% were applying robust cybersecurity measures to safeguard their data, 22% were not.
Almost two-thirds of firms were using technology to align their front, middle and back office functions, but 30% fell into the “laggard” category.
To improve decision-making, 63% used data analytics while 24% did not. Over half of respondents (52%) said they were focused on building an integrated, “omni-channel approach”, compared with just 24% who were not.
European firms seemed the most tech savvy according to the survey, with 35% maintaining a culture that encourages innovation and collaboration. This compared favourably to North America (27%) and Asia Pacific (30%).
Of the investment firms surveyed almost half said technology was “redrawing the market place” and 81% said digital transformation was important for the future of their organisation.
“Digital transformation is driving a seismic shift in the investment industry,” said Lou Maiuri, head of State Street’s global markets and global exchange businesses.
A recent PwC poll found that while a majority of asset managers believed technology would reshape the market, not many firms were prioritising it in their budgets.
©2017 funds europe
