Digital Transformation in the Financial Services Industry
Every year, Adobe conducts a survey on digital transformation with 330 financial services executives around the world—mainly in North America and EMEA. This year, at the 2016 Adobe Summit EMEA, we’re releasing the full report.
As the second in a series, this report takes advantage of year-over- year comparisons, but is also very much concerned with new ideas, new trends, and new questions. It also takes advantage of comparison data from other cross-sector reports published by Econsultancy.
Our respondents come from a variety of companies throughout the financial services sector: 86 percent are from investment firms, insurance companies and retail banks, and 52 percent are at the senior director level or above.
Like last year, we asked these executives to tell us where their companies fall on their journeys toward digital maturity. What we found—as in previous years—is that that financial services companies are significantly behind many other industries. Most of their document processes still take place on paper rather than digitally, and much of their marketing is still built on a traditional sales funnel model, rather than on personalized customer journeys.
With the narrow exception of investment firms, a full 88 percent of these executives describe their firms as only “halfway there,” or worse, on their paths to digital maturity—almost exactly the same percentage as in last year’s survey.
Meanwhile, agile new players continue to disrupt the financial services marketplace. Companies like Avant Credit and OnDeck are leveraging customer data to drive engaging, adaptable user experiences, forcing the old banks and insurance companies to find new ways of appealing to younger customers. A full 55 percent of financial services executives say they feel threatened by an inability to appeal to these customers, while 41 percent fear a loss of market share to these new players.
However, spending on digital engagement has risen sharply in 2016, with 56 percent of financial services companies increasing their 2016 budget, by an average of 20 percent—and 28 percent of responders we surveyed said that optimizing the customer experience is the single most exciting opportunity for their organizations this year.
One year can make a real difference. Marketers in financial services report feeling significantly more pressure from disruptive digital forces than they did in 2015, and that’s refining their views on what they’ve achieved so far and their priorities for tomorrow.