Digital Disruption in Finance is Here, Yet State Street Survey Finds Majority of Investment Firms Slow to Become Digital Leaders.
A global survey of 2,000 investors and 500 investment providers sponsored by global asset manager and custodian State Street Corporation has identified three aspects of data that will define stewardship for the digital age:
- Integration, the ability to combine both structured and unstructured data;
- Intelligence, the ability to draw new insights with the help of emerging technologies that will enable improved decision-making, performance measurement and client centricity;
- Integrity, the ability to better safeguard data with the highest levels of security.
The new report titled, «Finance Reimagined», combines quantitative research with views from industry experts, to explore how firms across the financial services industry are using digital technologies to enhance their businesses.
Great Variance in APAC
The 150 investment providers surveyed in Asia Pacific (APAC) – including universal banks, mutual funds, alternative investment firms and fintech start-ups – cited new technology as one of the main trends redrawing the marketplace in the next five years; and 87 percent say digital transformation is important for the future of their organization.
Despite this clear understanding of the importance of digitization, providers in the region showed great variance in their pace of embracing new technologies, the report states.
