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Saturday 24 August 2019

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A third see digital disruption as opportunity not challenge

Written by Peter Walker
14/12/18

A quarter of financial services firms struggle to keep up with digital disruption, but just under 40 per cent still feel the trend provides them with new opportunities to grow.

This is according to research commissioned by Savoy Stewart and carried out by Futurum, surveying over 1,000 North American and Western European companies ranging from 50 to 50,000 employees.

Just over half of respondents stated their business had a proactive ‘opportunity-minded’ approach to technology, while just under a quarter admitted to having no approach to change.

With a further quarter of business seemingly adopting a passive ‘wait and see’ approach, it was perhaps unsurprising that 30 per cent of companies felt the impact of technological change over the past three years has made them less competitive.

But whilst 30 per cent of companies stated excitement about their ability to adapt over the next three years, only 18 per cent rated themselves as ‘digital leaders’. More common were the 36 per cent of companies that rated themselves to be ‘digital adopters’, with 22 per cent calling themselves ‘digital followers’.

Finally, 12 per cent of businesses stated they were ‘very worried’ about their ability to adapt to technological change, with 23 per cent rating themselves to be ‘digital laggards’.



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