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Financial Services Firms That Invested in Emerging Technologies Profited in 2020, New Broadridge Study Finds

Widening gap emerges between Leaders and Non-leaders

Leading firms to allocate nearly 20% of global IT budgets to next-generation technologies by 2023

Over half of financial services firms worldwide plan to increase their spending over the next two years on next-generation technologies such as AI, blockchain, the Cloud and digital, according to a new study surveying 1,000 global C-suite executives and their direct reports, released by Broadridge Financial Solutions, a global Fintech leader.

Broadridge’s Next-Gen Technology Adoption Survey indicated that firms also reported a range of strategic benefits from prior investments in emerging technologies, including accelerated time to market, better decision-making and improved risk management.

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Broadridge developed The ABCDs of Innovation Maturity Framework™ for the study to categorize firms as either a Beginner, Implementer, Advancer or Leader in next-gen technology adoption. Next-gen technology maturity was based on progress made in implementing these technologies and reported effectiveness in driving business performance.

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ACCELERATING TRENDS

Over the next two years, firms worldwide reported plans to increase the share of their overall IT budgets spent on next-gen technologies from 11.8% to 15.7% on average, an increase of 33%.

“In a remote and evolving business environment, investments in AI, blockchain, the Cloud and digital technologies will continue to drive long-term growth and have already become essential to both day-to-day operations and larger strategic shifts around mutualization, resiliency and digital transformation,” said Chris Perry, President of Broadridge. “Broadridge’s inaugural study reveals that for financial services firms, investments in next-generation technologies directly lead to a range of strategic benefits, in addition to increased revenues and profits and decreased costs. Put simply, those who are investing in technology with a clear strategy for accelerating adoption are getting the most value.”

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The study found Leaders, those firms with multiple next-gen technology use cases, which are moving toward enterprise-wide adoption and driving major performance gains and business transformation, are spending a greater share of their overall IT budget on emerging technologies versus Non-leaders. They also report improved employee productivity, more effective risk management and compliance, faster creation of new/enhanced products and stronger reputations as a result of their investments.

The study reveals that while spend is increasing across the board, firms that are Leaders in next-gen technology adoption plan to increase this allocation to nearly 20% of their overall IT spend by 2023. The study showed that sell-side firms are spending a greater proportion of their IT budgets on next-gen technologies than buy-side firms and will continue to do so over the next two years.

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