Investing, despite the crisis
Like all other industries, most financial services respondents said that they suffered commercially due to COVID-19 to some degree. Just under half saw decline in revenue and 38 per cent said they had lost customers.
However, financial services companies are also among the best prepared for disasters with many having extensive contingency plans and even disaster recovery sites. And with so much business now done online, organisations like banks were somewhat insulated from the impact of lockdowns.
Over three quarters of respondents said the crisis underscored the importance of responding to the needs of customers in difficulty or financial distress. Encouragingly, the survey found financial services providers are actively thinking about the future.
Far from denting commitments to transformation, the crisis appeared to have made companies more intent on following them through. In fact, a majority reported the crisis had encouraged them to double-down on planned changes, including accelerating the deployment of new technologies and improving employee wellbeing,
Cybersecurity accelerating in financial services
Banks and other financial institutions appear to be more determined than ever to push ahead with advanced technologies. As well as traditional priorities, such as cybersecurity, 70 per cent of sector respondents said they plan to invest more in data analytics and 69 per cent said the same in relation to Cloud enablement.
Financial institutions also planned to step up their Cloud investment to support the substantial computing demands of advanced data analytics, artificial intelligence (AI), machine learning (ML), the deployment of Internet of Things (IoT), 5G technologies and increased remote working.
Greater investment in core network technologies will also support the growth of these capabilities.