New technology is the most crucial area of change required

The adoption of new technology is the most crucial area change required within financial services, a study by the Economist Intelligence Unit has found.

The research found that more than half of business leaders believe change was a necessity over the next three years and technological solutions should be the main area of focus. This was followed by a need to attract and retain customers and improvements in core business processes.

The report claimed this posed challenges for firms as 43% admitted they lacked the ability to execute these initiatives to a high enough standard.

Paul Braham, director of IT services at study sponsor Ricoh UK, said: “It’s clear financial services leaders want to change and have the ideas to do so; however the gap lies between the realisation of challenges and the implementation of new technology processes. Once technology and new processes are embraced, organisations will be in a better position to meet client demands, employee needs and industry competitiveness.”

The report said the biggest barrier in implementing ideas was bureaucratic decision making processes, followed by the need to effectively link technology platforms (second), and insufficient access to information (third). Additional obstacles included poor governance of change management, time constraints on executives and legacy technology platforms.