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

Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

Retail FX

Lark Funding reopens to US traders, MyFundedFX picks cTrader

Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

Institutional FX

Cboe FX volume falls to lowest level since summer

Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

Retail FX

ThinkMarkets secures lucrative DFSA license in Dubai

Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Digital Assets

New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

Digital Assets

Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

Digital Assets

Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

Institutional FX

Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

Industry News

Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

<