Applications and Use Cases

Financial Services Companies Reap the Rewards of Digital Transformation

January 21, 2022

While many industries are in the process of digital transformation projects to improve workflow and customer support, the finance services and financial technology (“fintech”) industry is attracting praise for leading the way. In fact, those who adapted to digitalization early are already reaping the rewards for being innovators, according to a new global survey of 750 financial service firms, released this week by global fintech leader Broadridge Financial Solutions.

Broadridge's Next-Gen Technology Survey scored firms on progress in three key areas of digital transformation: experiences, workflows, and analytics. It also evaluated progress in developing the strategic and organizational components of transformation, as well as use of next-gen technologies including AI, blockchain, and cloud networking, to categorize firms as Beginners, Implementers, Advancers or Leaders in the Broadridge Digital Transformation Maturity Framework.

The study found financial services firms that were further along in their digital investments were one-and-a-half times more likely to report increased revenues as a result of their digital transformation than those in the earlier stages.

"This year's survey confirms that leading firms are more driven than ever to implement the key pillars of a digital-first future. As a result, digital transformation leaders are seeing accelerated growth," said Tim Gokey, Chief Executive Officer of Broadridge, in a statement. "Digital leaders are succeeding with a clear vision and roadmap that prioritizes digitized communications, experiences, and workflows leveraging strong data and analytics."

Part of the drive to digital transformation has been the pandemic. Digital communications became more vital during the pandemic, with firms looking to offer a more seamless, personalized and interactive experience across channels to keep up with changing customer expectations and to make it easier for remote agents to provide an excellent customer journey.

The Broadridge study is not the only research to find an acceleration of digital transformation in fintech. Visma | Onguard’s Fintech Barometer, has drawn similar conclusions in Europe, finding the number of organizations planning to undertake a digital transformation strategy within the next 6 to 11 months has more than doubled from 17 percent in 2019 to 35 percent in 2021.

For more information about digital transformation in financial services, plan on attending The Blockchain Event from June 21-24, 2022, part of the #TECHSUPERSHOW at the Broward County Convention Center in Fort Lauderdale, Florida. The Blockchain Event helps decision-makers, technologists, and developers understand the value of blockchain to their businesses regardless of industry. For more information or to register, visit the show’s website

Edited by Luke Bellos



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