Emerging Technologies in Financial Services

Blockchain and artificial intelligence (AI) are the next-gen technologies that will attract the most investment over the next two years, according to a new report.

Insights from the Broadridge Report

The report by New York-based fintech giant Broadridge Financial Solutions delved into digital transformation in financial services and looked at the trends defining the future. Broadridge polled 500 C-level and senior executives from 18 countries whose companies had an average of $122 billion in assets under management.

Investment Trends

The study found that financial companies intend to increase their investment in AI by 21%, slightly above the 20% increase for blockchain and distributed Ledger technology. While AI has been in the spotlight in the past two years, the study revealed that blockchain remains a central focus in the financial industry and continues to be part of most companies’ plans.

Evolution of Blockchain

According to the report, blockchain has evolved from a conceptual technology to a specific, measurable one. Financial firms utilize blockchain in trading and transaction processing to save time and money. A significant portion of respondents noted that blockchain could eliminate the need for third-party custodians and clearing houses.

Broadridge’s head of digital innovation, Horacio Barakat, commented that “Blockchain and DLT have moved into a more mature stage of development, where leaders can make informed decisions based on data and experience regarding the benefits these technologies provide.”

Customer Satisfaction and Technology

The study highlights that investments in AI and blockchain reflect a growing shift by financial firms towards prioritizing customer satisfaction. These technologies enable firms to personalize customer experiences, a critical area of competition in the industry.

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Rob Krugman, Broadridge Chief Digital Officer, noted that “The focus of digital transformation has shifted from operational efficiency and cost savings to technology-driven customer experiences that differentiate the firm.”

Other Emerging Technologies

Robotic process automation, biometrics, and digital identity are among the other emerging technologies that could see significant investment. Additionally, there is an expected increase in investment for data management, cybersecurity, and cloud platforms over the next two years.

### News source: coingeek.com

By Team