Financial services companies most advanced in digital transformation, Fujitsu survey shows

Maria Nikolova

Fujitsu’s survey of 900 business leaders shows 47% of financial services companies have implemented and seen outcomes of digital transformation activities over the last three years.

Fujitsu has released its Fujitsu Future Insights Global Digital Transformation Survey Report 2019, which highlights the results of its survey conducted among 900 CxOs and decision-makers at large and mid-sized companies spread across different industries in nine countries – the US, the UK, Spain, France, Germany, China, Singapore, Australia, and Japan.

The survey, conducted in February 2019, aims to evaluate the progress in digital transformation and to clarify how business leaders around the world perceive “trust”. The survey focused on topics such as progress in digital transformation, trust in online data and decisions made by AI and those by a person.

The survey indicates that financial services and transportation companies are leading digital transformation. Of the 900 respondents in 9 countries, 87% indicated that they have planned, tested, or implemented digital transformation in the last three years. By industry, financial services and transportation companies are the most advanced, with 47% of financial services companies and 45% of transportation companies responding that they have implemented and delivered outcomes. Only 13% of respondents said their companies are yet to explore digital transformation across all industries, supporting the notion that all industries are embracing digital transformation.

As one might expect, online companies have made more progress in digital transformation than non-online companies. Of the respondents from online companies, 91% are implementing digital transformation, with more than half achieving positive outcomes.

Respondents have not quite made up their mind whether they trust decisions made by AI. 60% thought that decisions made by AI are fairer than those made by people because people are subject to bias. However, 52% said they could not trust AI because the data used may be incorrect or biased. Similarly, 60% could not trust decisions made by AI on its own and preferred that the final decision be made by a person. Respondents were negative toward decisions made solely using AI.

Trusting decisions made by AI or by a person differs depending on the scenario. In the survey, Fujitsu presented eight specific scenarios and asked respondents about decisions made by AI and those made by a person. Of these scenarios, respondents had the greatest trust in AI used for a quality assessment of a product (22%) and for judging or refereeing in sport (22%).

Interestingly, 16% of the respondents would trust AI rather than a human being to recommend a financial investment, whereas 12% would not trust AI to make this decision.

Read this next

Retail FX

Investors from Cyprus and Dubai acquire ‘significant stake’ in M4Markets

Seychelles-regulated brokerage firm M4Markets firm has picked up some investment from Cyprus and Dubai based investors in a new funding round that it will be using to grow its business.

Executive Moves

UAE broker Amana elevates Amr Masry to sales director

Amr Masry has been promoted to a new senior role at Amana Capital, becoming the group’s newest Sales Director, following a successful tenure with the UAE-based FX and CFDs broker.

Executive Moves

TopFX promotes Omar Al-Janabi to head of sales and business development

Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.

Retail FX

Plus500 says 2022 revenue to be ‘significantly’ ahead of analysts’ estimates

Israeli-based, but London-stock market listed Plus500 said it expects annual revenue and earnings to be ahead of analysts’ estimates even as trading levels normalised from record volumes in the first quarter.

Digital Assets

Crypto derivatives giant BitMEX launches spot market

Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.

Uncategorized

PrimeXM reports mixed trading volumes for April

PrimeXM has reported weaker trading volumes for April 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Digital Assets

DLT Finance approved by BaFin to support brokerage and custody of digital assets

DLT Finance is already partnered with big names within the digital asset space, including Kraken, Bitstamp, B2C2, and Bittrex.

Institutional FX

LUKB taps vestr to launch actively managed products, AMCs

The partnership with vestr goes to show the growing importance of digitising the active investment management space.

Digital Assets

Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

<