About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Financial Services Firms Seek to Improve Data Collection in Wake of Coronavirus

Subscribe to our newsletter

Almost half (49%) of financial services firms plan to improve their ability to quickly gather and analyse data moving forward, according to a global survey of 500 financial services C-Suite executives and their direct reports released this week by Broadridge Financial Solutions.

The findings come as part of a broader trend towards technology transformation as a means of navigating the global pandemic, with more than half of firms intending to accelerate implementation of their next generation technology strategies.

“Financial services players have shown they can adapt and change during the pandemic. Going forward, they will continue to drive digitization and mutualization to improve client experience, resiliency, and cost,” says Tim Gokey, CEO of Broadridge. “Prior investments in digital, cloud, and mutualized technologies have enabled companies to be more resilient during the crisis, and executives are taking careful note as they plan for the future.”

Virtually all financial services companies expect the pandemic to affect their operating model and strategy toward next-generation technology. As a result, priorities over the next six months include increasing cybersecurity and risk management (63%), enhancing multichannel client communications (60%), improving customer engagement and experience (53%) and, perhaps unsurprisingly, making “significant” cost reductions (45%).

However, the survey also found that prior investments were reaping dividends when it came to managing the response to the pandemic – particularly in terms of interactive digital technologies (identified by 72% as the most beneficial prior investment, and defined as digitizing customer and employee experiences, workflows and operations) along with cloud technologies (59%).

As a result of the pandemic, Broadridge believes that many firms may reprioritise their investment strategies, which could leave them little choice but to accelerate their digital transformation as they adjust to the new normal. A majority (58%) plan to increase their investment in interactive digital technologies, while 54% plan to increase their investment in artificial intelligence and 49% intend to improve their ability to quickly gather and analyse data moving forward.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Streamlining trading and investment processes with data standards and identifiers

Financial institutions are integrating not only greater volumes of data for use across their organisation but also more varieties of data. As well, that data is being applied to more use cases than ever before, especially regulatory compliance and ESG integration. Due to this increased complexity of institutions’ data needs, however, information often arrives into...

BLOG

Data Management Summit New York Takes Deep Dive into Modern Data Landscape

The 15th annual A-Team Group Data Management Summit New York City kicks off tomorrow with one theme prominent in the day of discussions, debates and keynote addresses: data quality. Without good quality data organisations can’t hope to achieve their objectives, be they implementation of artificial intelligence applications, automation of essential workflows or compliance with regulatory...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Regulatory Data Handbook 2025 – Thirteenth Edition

Welcome to the thirteenth edition of A-Team Group’s Regulatory Data Handbook, a unique and practical guide to capital markets regulation, regulatory change, and the data and data management requirements of compliance across Europe, the UK, US and Asia-Pacific. This year’s edition lands at a moment of accelerating regulatory divergence and intensifying data focused supervision. Inside,...