The financial services industry has traditionally lagged when it comes to digital transformation, but that is changing. Particularly as the expansion of fintech and bigtech firms into the financial space has put pressure on incumbents to respond to a shifting landscape of competitive threats.
In a recent survey commissioned by Pure Storage, executives from financial institutions and fintechs, including banks, lenders, payments processors, asset managers and more, gave their views on the current state of digital transformation and the technologies, trends and challenges that will shape the future of the financial industry.
In particular, the differing views of financial services incumbents and their fintech challengers provides insight into both the current state of play as well as the likely future course of development.
Our survey sought to understand the current state of play among financial institutions and fintech firms in terms of their own digital transformation and in response to challenges and future plans.
Successes and challenges on the road to transformation
While the pandemic acted as a catalyst for digital transformation, and firms and customers alike were forced to go digital almost overnight, the pace of change has not been even across the industry.
The critical nature of that transformation, though, is not in doubt. In an increasingly competitive environment, for financial institutions to stay relevant and competitive, they must leverage technology to provide compelling products and services and a more personalised experience.
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