Financial industry to invest in new tech as UK economy rebounds
Over two thirds of banking and financial services companies plan to invest in new technology and diversify the types of tech they use, according to new research.
A survey of 250 senior decision makers found that almost three quarters will invest in improving the quality of their core technology over the next year, as the UK economy begins its pandemic recovery.
Over 65 per cent saw this investment, in both front and back-end, technology as a strategy to attract new customers or increase sales to existing ones.
Almost three quarters also said they planned to focus on their customers’ digital experience by improving their website or app while 63 per cent said they will focus on automating interactions with customers through chatbots and robotic-advisors.
Data analytics, application programming interfaces (APIs) and payment technologies were some of the most popular areas of investment for the finance firms.
“Positively, our research shows that the sector is taking note and businesses are investing heavily in new technologies. Importantly, digital innovation is taking place across both customer-facing and back-office platforms – it is often the latter that requires more attention” said Ion Fratiloiu, marketing head at Yobota, a tech platform which commissioned the independent survey.