Recent research indicates that many financial firms in the UK exhibit a risk-averse attitude toward adopting new technology.
Nearly two-thirds (59%) of the surveyed institutions characterized their approach to new technology as "risk averse." Despite this caution, there is a sense of confidence in existing technology usage: 78% of firms believe their internal processes utilizing technology are "good," and 86% express confidence in their customer-facing technology.
This hesitance to embrace new advancements may hinder financial institutions from fully capitalizing on innovative opportunities, as noted by Consulting at Davies, the firm that conducted the research. "In today’s fast-evolving business landscape, where the successful integration of emerging technologies—such as Artificial Intelligence and Machine Learning—can determine a firm’s success, those reluctant to adopt these innovations risk falling behind," stated Kurt Drozd, director of the financial crime and regulatory compliance team for Consulting at Davies.
The research also revealed that over a third (38%) of firms recognize a deficiency in digital skills within their organization.
The survey included responses from 501 decision-makers in UK financial institutions.
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