According to a recent study, the majority of UK-based financial firms are risk-averse when it comes to new technologies.
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Almost two thirds (59%) of the institutions surveyed described their approach to new technologies as “risk averse”.
This is despite a general confidence in the use of technology – 78% consider the use of technology for internal processes to be “good”, while 86% have confidence in their customer-facing technology.
But reluctance to adopt new technologies is preventing financial institutions from benefiting from new developments and innovation opportunities, according to Consulting at Davies, the company that commissioned the study.
“In today’s business world, where technology is evolving so quickly and the successful adoption of new technologies – such as artificial intelligence and machine learning – can often mean the difference between success and failure, companies that struggle to capitalize on these advances are at risk “To be left behind,” said Kurt Drozd, head of the financial crime and regulatory compliance team for Consulting at Davies.
Another finding of the study is that more than a third (38%) of companies say there is a lack of digital skills in their facility.
The survey surveyed 501 decision makers in British financial institutions. Th.”
