Most executives in the financial services sector in Europe and Italy have a positive view of the impact of digital innovations and the opportunities they can offer for their growth and ability to compete on the market. However, according to a recent survey commissioned by Fujitsu, this process raises concern at a higher level than was not the case in the other areas under consideration. In particular, the data show that as many as 64% of the sample at European level is anxious about the digital transformation that has affected the finance sector; In Italy, the percentage is lower – 36%, while 56% declare enthusiastic – but when compared with other sectors, the percentage remains the highest.
What can today be said about the process of innovation as the new “normality” for businesses in every sector is evident in all sectors. However, with the entry of new entrants – the fintech companies or the so-called “challenger” banks – that finance was invested by increased competition that anticipated the impact of digital transformation. Consequently, most of the respondents at the level European (98%) and Italy (56%) stated that their companies have already been directly involved in this process. A further 72%, both in Europe and Italy, expects this trend to continue, expecting a fundamental change in industry by 2021.
This constant and significant change leads finance managers to express concern about the impact of digital transformation. Nearly half (47%) of respondents at European level and 62% in Italy said that innovations are changing long-term decision-making; In Italy, however, 97.5% of respondents also state that their organization is taking measures to address the issue of digital disruption. Another positive note comes from the confidence level in deciding on digitization processes: 62% of European respondents and 70% of Italian respondents said they took a more serene approach than two years ago on innovation decisions and , 89% and 56%, respectively, said they saw a more prosperous future with digital innovations.
Among the measures taken to address the challenges of digital transformation, the Italian champion states that his company has invested in technology and the acquisition of new resources (49% in both cases), as well as changing its business strategy (47 %).
Digital evolution is seen by most respondents (86% in Europe, slightly less, 51% in Italy), as the necessary condition for prosperity in the future. At European level, two thirds (65%) of financial executives believe that their company needs to innovate faster to remain competitive on the market; The figure in Italy reaches 91%. In addition, almost half (46% in Europe, 40% in Italy) believes that internally, the first line of management is addressing the opportunities offered by this challenge. Analyzing the external factors, it is interesting to note that at European level there is a uniform response across all the sectors concerned about the fact that customers are identified as the main driver that led or will bring the company to change ( At European level it is 46% in the finance sector, only 20% in Italy); In our country, however, partners or so-called third parties play this role for 37% of respondents (33% of customers).
Generally speaking, the perception of digital innovation in the financial services sector is positive. 68% of the European champion and 93% of Italians think it represents an interesting opportunity for their company. With particular reference to the responses received by Italian respondents, 63% stated that digital transformation for their company led to a decisive push for innovation (63%) and, higher than the other sectors under consideration, a larger Internal competition (45%).
Italian respondents also state that the main obstacles to digitization within their organization were lack of investment (46%), internal culture (42%) and the complexity of change they faced (30 %).
Bruno Sirletti, President and Chief Executive Officer of Fujitsu Italia, said: “On the thrust of increased competition and digital technology innovation that characterizes the finance sector more than others, companies that operate there need to upgrade their technology infrastructure so that it does not become obsolete . The results of our analysis confirm that these companies include the benefits of a digitization process and their awareness of having to implement new technologies to stay competitive is constantly increasing. The top management of these companies also realizes that they need help to achieve their goals: 52% of the European sample and 44% of Italians believe that choosing the right partner can help them to create technology solutions to support them In their own success. “