Banking and financial services providers are gearing up to ‘invest heavily’ in technology solutions as a way to withstand potential future disruptions, a survey commissioned by Yobota has found.
The British firm claims to have surveyed around 250 senior decision-makers with banks and financial services providers.
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.
In the survey, around 67% 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% of them are also planning to deploy chatbots and Robo-advisors as part of boosting customer experience.
Interestingly, nearly 60% of the decision-makers said they would partner with technology providers on their way to achieve the digital transformation.
“The pandemic has offered banks and financial services businesses the chance to take stock and evaluate the technology they were using,” says Ammar Akhtar, CEO of Yobota.
“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.”