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TORONTO, Ontario – January 8, 2019 – “The Best Is Yet to Come,” performed by artist Michael Bublé, was the song/artist of choice for almost half (46 percent) of Canadian financial professionals when asked to describe their company’s experience with digital transformation. According to the findings, released by Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader and part of the S&P 500® Index, most feel that progress around digital transformation is being made across financial services, but that there is still work to be done, especially in light of emerging technologies.
Other performers/songs that captured the current sentiment around digital transformation included: Drake’s “Started From the Bottom” (14 percent); Shania Twain’s “That Don’t Impress Me Much” (12 percent); Celine Dion’s “That’s The Way It Is” (11 percent); and The Tragically Hip’s “New Orleans is Sinking” (10 percent).
Evolving customer expectations, as well as increased competition for market share, continue to serve as drivers for digital transformation in the financial services industry. Among those surveyed, improved productivity (46 percent) and stronger customer advocacy, loyalty and retention (31 percent) were stated as the biggest benefits to investing time and energy into digital transformation.
Making the Grade
When asked what letter grade their customers would give their company’s digital transformation efforts, 17 percent proudly noted “A”, while 31 percent said “B.” Although this suggests progress is being made, the majority are still working to catch up. More than half (52 percent) of respondents graded themselves a “C” or below.
“While financial services professionals feel optimistic about their companies’ efforts toward digital transformation, they also recognize they can be doing much more,” said Donna Bristow, Managing Director of North American Wealth at Broadridge Financial Solutions. “Cutting-edge technological innovation like AI, blockchain and cloud can enable and enhance digital transformation by driving customer engagement, business operations and workplace culture.”
Implementing the ABCDs of Innovation
Amid all the talk about innovation and emerging technologies, more than half of financial services professionals surveyed (58 percent) feel that artificial intelligence (AI) will have the most significant impact on their business in 2019. This is followed by cloud technologies (31 percent) and blockchain (11 percent).
Hurdles such as the overhaul of legacy technology (41 percent), regulatory compliance (22 percent), and finding the right talent/resources (22 percent) continue to present challenges for many of these same firms embarking on digital transformation efforts.
Perhaps due to legacy technology or simply habit, an overwhelming majority of respondents (77 percent) stated they prefer their personal technology over work technology.
An infographic of the survey data can be found here.
The survey of 100 Canadian financial professionals was conducted at Broadridge’s annual client event in Toronto on December 4, 2018.
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global Fintech leader and a part of the S&P 500® Index, is a leading provider of investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers. With over 50 years of experience, including more than 10 years as an independent public company, Broadridge provides an important infrastructure that powers the financial services industry. Broadridge's infrastructure underpins proxy voting services for over 50 percent of public companies and mutual funds globally, and processes on average more than U.S. $7 trillion in fixed income and equity trades per day of securities. Broadridge employs over 11,000 full-time associates in 18 countries.
For more information about Broadridge, please visit www.broadridge.com
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