Survey Results Highlight that the Perceived Benefits of IoT, AI, and Blockchain are Driving Investments in Emerging Technologies
One of the most significant trends in the Financial services industry has been the emergence of FinTech. As technology transforms and disrupts the manner in which financial services are consumed and delivered to customers, new business models, pricing models, products, and services are emerging. Regulators have acknowledged the importance of the impact of technology on the industry, and the scope of stringent regulations is increasing to encompass the new stakeholders, offerings, and delivery models. As part of the FinTech programme, this research aims to understand how financial services companies are harnessing, or planning to harness, IoT, Blockchain, and AI to deliver business impact.
It provides an IT decision-maker perspective on the use of emerging technologies in financial services and these three technologies stand out amongst the emerging technologies of today and will have an increasingly transformational impact on the financial services sector over the next few years. They have already started to have make their presence felt in interdependent and synergistic ways. Distributed computing will expedite IoT deployment. An estimated 60 billion connected devices by 2024 goes hand in hand with a need for lower latency, greater cost efficiency, falling silicon costs, and demand for processing and analytics power at the edge.
The IoT also constitutes an essential source of quality, enabling data AI to address specific use cases of which there is a continually growing number across industries and value chains, from customer-facing through core operational processes to the back office. AI is expected to completely transform critical issues in the industry such as fraud detection, data security, and privacy. As customers’ expectations change, the trend is moving from a one-size-fits-all model to customized offerings. Blockchain provides secure storage and validation to ensure security and drive efficiency through automation.
The study covers the status of technology in the financial services industry, prevalent trends and use cases, and the business impact that IoT, AI, and Blockchain are expected to deliver. The survey delved deep into the progress achieved by financial services companies in their digital transformation journeys. The perceived benefits that respondents expect by deploying these technologies reflect the significant changes that the companies hope to achieve. As investment trends are revealed, respondents also share their concerns and challenges in adopting IoT, AI, and Blockchain.
Key Issues Addressed
- What are the key business objectives and IT investment drivers for financial services organizations?
- Where are financial services organisations in their digital transformation journey?
- What benefits have they already seen?
- What do organisations in the financial services industry hope to achieve with the implementation of IoT, AI, and Blockchain?
- What are the key concerns relating to the top emerging technologies?
- What are the investment plans for the top emerging technologies?
Table of Contents
- Key Findings
- Research Aim and Scope
- Research Methodology
- Survey Methodology
- Key Questions this Study will Answer
- Key Emerging Technologies - IoT, AI, and Blockchain
- IoT - Success of IoT to Drive Organisations’ Digital Transformation Vision
- AI - The Single-most Disruptive Force to Business and Society
- Blockchain - DLT Evolution Replaces Blockchain Revolution
- Use Cases and Benefits Enabled by Key Emerging Technologies*
- Business Objectives in the Financial Services Industry
- Top IT Investment Drivers in Financial Services
- State of Digital Transformation among Financial Services Firms
- State of Digital Transformation by Employment Size Band
- Emerging Technology Deployment
- State of Digital Transformation and Key Emerging Technologies
- Stage of Emerging Technology Deployment
- IT Budget as Share of Revenue and Emerging Technology Use Today
- Benefits Already Delivered by Key Emerging Technologies
- Top Reasons for Investment in IoT
- Top Reasons for Investment in AI
- Top Reasons for Investment in Blockchain/DLT
- Top Concerns for Financial Services Firms Related to IoT
- Top Concerns for Financial Services Firms Related to AI
- Top Concerns for Financial Services Firms Related to Blockchain
- Investment Plans for Key Emerging Technologies by 2020
- Growth Opportunity 1 - XaaS
- Growth Opportunity 2 - Digital-First Solutions for the Millennial Customers
- Strategic Imperatives for Success and Growth
- Legal Disclaimer
- List of Exhibits
A selection of companies mentioned in this report includes:
- Digital-First Solutions