A new survey from Lloyds Bank reveals that Britain’s financial institutions are planning for a year of investment in new technology.
Despite the uncertainty thrown up by the pandemic, 88% of senior leaders within financial institutions say tech investment is a top strategic priority for the next 12 months. Two-thirds of leaders interviewed plan to increase investment in technology and a third will focus on improving their fintech offering, either through acquisitions or partnerships, according to Lloyds.
The survey is based on views from major banks, asset and wealth management firms, insurers, and intermediaries.
The sentiment from the financial institutions interviewed mirrors what we have seen at Chatsworth across our broad and diverse fintech client base.
Fintech has emerged as one of the few sectors that have actually thrived amid the pandemic, as the legacy systems that were satisfactory during times of normality were exposed as unacceptable during a crisis. The use of technology in finance has subsequently soared.
Chatsworth clients Contour, Limeglass and Previse are among the roster of fintechs that have experienced increased interest in and applicability of their solutions since COVID-19. They all share the common theme of leveraging technology to help businesses do what they do, better: a simple mission but one which has become the holy grail of survival in the past seven months.
The Lloyds survey comes ahead of next week’s annual Sibos event: the world’s largest payments-focused conference, bringing together leaders across the world to discuss the role technology can play in transforming the sector.
The conference always provides important food for thought on the future of payments and financial services more broadly, but the events of the past year will serve as an all too real reminder of why technology is the answer.
The fact that Sibos itself will be held virtually is perhaps a testament to this.
It’s been a challenging year for businesses of all sizes across the board. Some which have had a seemingly indomitable proposition and presence have found themselves vulnerable.
We are glad to see the Lloyds survey point to the importance of technology in future-proofing businesses for not just the next 12 months, but indefinitely.
Chatsworth was the first communications agency to focus on fintech. We’ve been building fintech reputations for 20 years, steering start-ups through launch, growth and onto corporate action, and protecting and enhancing established infrastructures.
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