A study conducted by Fujitsu has discovered that 78% of UK financial services firms are worried about the future of their organisation when considering the impact of digital disruption.
When compared to other major industries such as retail, public and manufacturing and utility sectors, the financial services come out as the most concerned about the effects.
92% of financial services firms surveyed have already taken measures to thrive in a digital world, with 96% of financial services firms feeling the need to evolve further to ensure a long term future.
The Fujitsu study also found that 56% of the firms surveyed believe that their businesses will not exist in its current form in five years’ time.
The changing effects of digital disruption have already hit, with 63% of financial services firms stating that the sector has already chnaged structurally in operations and processes.
Mike Foster, Managing Directoro of Financial Services, UK and Ireland, at Fujitsu said: “Digital – and specifically the need to use digital technology to improve service offerings and drive revenue – is now a pillar of business strategy in the financial services industry. Both the challenge and potential of digital touches all parts of a company’s business”.
A significant point in the report is that 100% of business leaders surveyed are expecting their sector to be impacted by digital disruption in the future. 82% of executives that were surveyed believe the sector will fundamentally change as soon as 2021.
Foster also said: “There is a substantial opportunity to embrace the notion of becoming more digitally disruptive. Our research underscores that 96% of financial services organisations have already taken measures to thrive in a digitally disrupted world.”