FIS Modern Banking Platform
Advance your bank with a modern core platform.
Tony Warren, executive vice president, head of strategy and solutions management, FIS
October 16, 2019
Only 24 percent of financial services executives see emerging technologies as an opportunity, while a further 18 percent see it as a threat, according to FIS’ research into the growth readiness of buy- and sell-side firms. But these technologies are being adopted more quickly than many may realize, and we can’t stop them. So what do you need to know to make sure that you can capitalize on them rather than fall behind?
First, let’s define the five technologies that are reshaping the industry:
So how do you take advantage of the disruption that’s on the horizon instead of becoming a victim to it?
The answer is revealed by our research. We measured more than 1,000 respondents against six operational principles:
Those who scored in the top 20 percent – the Readiness Leaders – are not only further advanced than the rest of the industry across all six pillars; they are also growing twice as fast.
And it’s clear that the Readiness Leaders view these emerging technologies as a critical enabler of growth: 37 percent of these institutions have implemented AI or machine learning in their business, compared to just six percent of the rest of the industry. And 41 percent of leaders are currently testing blockchain solutions, versus just 19 percent of other institutions.
Where are the leaders applying these technologies? According to our research, 43 percent are using AI to automate operations, 42 percent are using it for risk management, and 41 percent are applying it to performance analysis.
When it comes to blockchain, 47 percent are focused on collateral management, 42 percent on regulatory reporting, and 36 percent on clearing and settlement.
The Readiness Leaders show that implementing emerging technologies in these areas can help boost performance. The hunt for growth is on. Firms that can marry these technologies with new business models could create a compelling new value proposition that drives significant competitive advantage.
Are you ready to rise?
Tags: Digital, Innovation, Data Management & Analytics, Technology
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