Financial Services Most Innovative UK Business Sector Following Crisis
The financial services sector has emerged as the UK’s most technologically innovative business sector following the economic downturn, according to research from BT Global Services. The survey of 300 board-level executives from large companies found that, despite the sector’s suffering from the recession for the longest period when compared to five other sectors (retail, transport, logistics, fast-moving consumer goods and the public sector), 92% of respondents in financial services indicated that they were investing in technology – far more than respondents in other sectors.
Despite reports that the financial crisis has brought many IT projects and investments to a standstill, a good proportion of financial institutions did not feel that the recession had stifled their priorities towards spending on core technology requirements for their business. Over half (52%) of financial institutions indicated that they were investing money in faster/more reliable network technology in order to maximise their recovery.
Andy Nicholson, vice president global banking & financial markets, BT, said: “Among the financial community, CTOs and CIOs are looking for ways to create leaner, increasingly cost-efficient infrastructures without compromising their business models.
The research also found that 60% of financial services companies were confident about their business prospects over the coming year. Alongside their bullish statements about the first signs of recovery and economic upturn, financial institutions have also seen their technology investment priorities shift towards flexible working and tele/video conferencing solutions, with nearly half (46%) investing in flexible working technology and more than one third (38%) investing in tele/video conferencing technology.