More than half (58%) of Canadian financial services firms said that “increased productivity and consequently lower costs” was the top area of improvement within their company as a result of digital transformation. A majority of respondents (71%) said that increasing efficiency is their top priority for technology spending in 2022, followed by generating revenue (17%) and cutting spending (12%).
“During 2021, Canadian financial services firms will find digital transformation paramount in improving efficiency and reducing costs,” said Michael Dignum, President of Broadridge Financial Solutions, Canada. “While digital transformation is an ongoing development, businesses are accelerating their adoption of technologies such as cloud, AI and blockchain and are achieving significant business impact as a result.”
Meanwhile, cloud technology remains a driving force behind innovation. According to 56% of respondents, it is the digital technology with the most impact on business (51% in 2020 and up from 41% in 2019). AI was followed by 41% (up from 34% in 2020), and blockchain by the 3% voted in 2021, down significantly from 15% in 2020.
When asked to rate their company’s digital transformation initiatives, 53% of respondents gave themselves an “A” or a “B,” down from 66% in 2020 and 64% in 2019. Forty-five percent gave themselves a grade of “C”. “Or lower, up from 33% in 2020 and 37% in 2019, indicating a lack of trust among Canadian financial services firms as they transform their businesses digitally.
Although there are still barriers to adoption, businesses continue to innovate.
