A new research by financial services technology provider FIS that found that financial institutions that have deployed modern operating models are growing at a faster rate than other entities of the same domain.
FIS Readiness Report stated that the rate of growth is nearly twice compared to the other financial services.
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It also found that the financial services executives are more confident this year about their technology and operating models.
About 47% of the surveyed firms stated that their operations are adequately strong to support their growth plans, a significant growth from 28% a year ago.
FIS head of Institutional & Wholesale Martin Boyd said: “Our research shows that financial services firms can increase their abilities to accelerate their growth if they evolve their traditional operating model of data management, efficiency and risk management into one built on digital innovation, emerging technologies and advanced automation.
“Based upon our research, those firms that have been able to expand their focus and modernise their operating model should be well placed for success in the future.”
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By GlobalDataThe survey included 1,500 respondents in the C-level and senior executive level across buy-side, sell-side and insurance firms.
They reviewed their organisation’s capabilities across six important operational pillars.
Accordingly, the firms’ digital innovation strategies were found to have the most distinguishable connection with the growth of revenue, followed by automation and emerging technology.
The report also stated that readiness leaders registered average revenue growth of 3.88% in the last one year compared to 2.12% for the other entities.
They also have 80% fully or near fully automated key processes, compared to 46% with the rest of the industry.
Around 38% of the respondents said they intend to reduce the size of their owned IT infrastructure in the next 12 months.
