Much like the willingness to spend exhibited in Financial Planning’s most recent tech survey , a new study from Broadridge Financial Solutions finds that most firms are still ready to make it rain when it comes to fintech. Broadridge’s 2023 Digital Transformation and Next-Gen Tech study finds that 57% of financial services firms agree that digital transformation is currently the most important strategic initiative for their company, and agree that falling behind will hurt their ability to attract and retain talent. And economic difficulties aside, organizations are also accelerating their funding of digital transformation initiatives as they anticipate further wide-scale adoption of new and more powerful technology. Firms now spend around 27% of their overall IT budgets on digital transformation compared to just 11% last year, according to the study. Beyond a belief that they need to transform, the study looks at what kind of technologies are seen as the biggest change drivers. Seventy-one percent of the 500 C-suite executives and their direct reports that took part in the study say artificial intelligence has significantly altered how they work, and Broadridge officials say more change is coming as AI’s capabilities expand. The study argues that established financial firms face […]
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