21 July 2018
Visit www.avoka.com

UK FS firms invest in data analysis and process automation

11 July 2017  |  7024 views  |  0 Canaru whaf skyline

British financial services firms expect to boost IT spending over the next year, with data analysis and process automation two particularly hot areas, according to the latest CBI/PwC survey.

Carried out just before the UK general election, the quarterly survey of 94 FS firms found that most plan to cut back on spending on marketing, land and buildings, and vehicles, plant & machinery.

However, spending on IT is forecast to grow at its fastest for two and a half years, and firms see tech as more important to business growth than at any time since 2009.

With 80% of respondents saying that the main reason for authorising spending is to increase efficiency and speed, many are turning to technology to gain customer insight.

Almost two thirds are actively investing in technologies to enable data analysis, such as customer history and risk profiling, and around half are putting money into process automation

Firms see longer-term potential from other technologies, with 40% saying they may in future invest in artificial intelligence, and 35% seeing potential to invest in situational data analysis (such as sensors and wearables).

Rain Newton-Smith, chief economist, CBI, says: "It’s encouraging to see financial services firms continuing to seek out future opportunities, and staying ahead of the curve when it comes to investment in new and innovative technologies."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK FS firms see fight against cybercrime as major challenge

UK FS firms see fight against cybercrime as major challenge

27 March 2017  |  9180 views  |  0 comments | 10 tweets | 10 linkedin
UK banks' IT spending to increase - CBI/PwC Report

UK banks' IT spending to increase - CBI/PwC Report

30 March 2015  |  10664 views  |  0 comments | 16 tweets | 11 linkedin

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit iliad-solutions.com/

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13469 views comments | 6 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11093 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10044 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7339 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7147 views comments | 2 tweets | 7 linkedin

Featured job

Find your next job