The digital agenda is now a top priority for banking and financial services executives globally, and no wonder: These businesses are benefiting more from digital technologies than their peers in other industries. This is one of the key findings from our recent research into the changing nature of work in the digital economy.
In conjunction with Roubini ThoughtLab, we surveyed 333 senior executives in banking and financial services as part of our global study into how digital will change work across industries. According to our research, these organizations — under pressure from digitally enabled startups — will increasingly dominate not by virtue of their strong industry experience but by their ability to provide a “hyper-personalized” customer experience through the power of digital platforms.
Respondents seem well aware that digital will lead this charge, as they expect digital to account for more than 12% of revenues through 2018, up from 5.3% today. That’s a total economic impact of about $542.4 billion projected by the end of 2018 across all financial institutions studied.