Finance companies investing more in innovative technology
Finance companies are investing more in innovative technology to compete with new market entrants, according to a survey from recruitment consultancy Robert Half Financial Services.
The research, which surveyed over 100 executives from the financial services industry, showed that 54 per cent of financial services companies will be increasing investment in innovative and disruptive technologies over the next 12 months.
The survey identified the companies that traditional financial services firms are set to face competition from over the next 12 months, with online investment firms and challenger banks considered to be the most disruptive.
Over 90 per cent of executives said that they were concerned that the growth of the FinTech sector will have a negative impact on their ability to attract talented people with the relevant experience, whilst 35 per cent said that they were “very concerned.”
Businesses also expressed their concerns over the growing competition in the FinTech sector, with 85 per cent stating that they were nervous about their ability to keep their own talented employees.
Robert Half Financial Services UK Vice President Luke Davis stated that “Digital transformation plans are ramping up among both the front and corporate offices of financial services firms, largely the result of competition from the FinTech industry.”
He added that this reaction is resulting in established companies reviewing their traditional models and using innovative technologies to offer their customers, clients and employees new services.
“Financial services professionals with experience of managing digital projects, such as enhancing the customer experience through digital technologies for mobile, tablets and wearable devices are in hot demand, particularly for interim roles, as firms seek to create digital solutions that are both innovative and compliant,” he said.