Banks and other financial services providers in England are prepared to invest heavily in technology solutions as a way to withstand potential future disruptions was among the primary findings of a survey commissioned by London based software firm, Yobota.
In the survey, around 67 per cent of respondents said they were also planning to diversify the kinds of technologies they are already using. Among the technology solutions include application programming interfaces (APIs), data analytics, and payment solutions.
More than 50 per cent of them are also planning to deploy chatbots and Robo-advisors as part of boosting customer experience. Almost 60 per cent of the decision-makers said they would partner with technology providers on their way to achieve the digital transformation.
The British software firm, which collective backgrounds range from technology and banking, to consulting and design, claims to have surveyed around 250 senior decision-makers with banks and financial services providers in Britain. Considering the report, banks are rushing to improve the quality of their core technology systems in a bid to boost sales and acquire new customers.
According to Ammar Akhtar, CEO of Yobota, “the pandemic has offered banks and financial services businesses the chance to take stock and evaluate the technology they were using.
It is encouraging to see that subsequent investments into technology have paid off, with many firms reaping the rewards in the form of superior customer experiences, more flexibility, and lower overheads.”