A lack of access to IT resources is hindering digital transformation in the financial industry, according to a new sector survey.

The research, released by Liferay and conducted by WBR Digital, found that financial institutions are well on their way to implementing advanced customer experience management and completing their digital transformations, with only one per cent of respondents stating that they have yet to begin this process.

However, despite 87 per cent of executives believing that technology is intrinsic to digital transformation, more than half of those surveyed claim that access to IT resources is a major obstacle.

Almost a quarter of respondents named a lack of back-end integration across systems as the greatest barrier to achieving an omnichannel customer experience, further demonstrating the importance of IT to digital transformation.

Overall, half of the 70 FS executives surveyed reported that their organisations were halfway through their roll-outs. But only four per cent had completed their digital transformations, with those lagging behind in danger of losing out to their competitors.

The survey’s findings also highlighted that an effective omnichannel customer experience was a common industry goal, with 94 per cent of respondents at some stage of coordinating a cohesive customer experience across channels, and a mere six per cent not pursuing this course.

John Choi, director of US operations at Liferay, said: “The results of this survey make it clear that digital strategy and marketing leaders in the financial industry view technology as essential to achieving digital transformation.

“Delivering engaging, personal customer experiences is critical for businesses to succeed going forward, and it’s imperative that financial institutions embrace the technology leadership, cross-functional team work and integration technology necessary to make those experiences possible.”

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