Hammered by Risk, Talent Gap and Gloomy Economic Outlook, U.S. Executives Forge Ahead with Tech Investments, Finds FIS Global Innovation Report
04 Ottobre 2023 - 2:00PM
Business Wire
Key facts and findings
- FIS’ Global Innovation Report found that 83% of U.S. executives
across industries say they have either already been impacted by
financial risk or expect to be within the next 12 months.
- 95% of firms across industries stated they are nevertheless
either already pursuing innovation strategies, or plan to within
the next 12 months for combatting risk.
- 48% of leaders said budget constraints were the top issue
impeding innovation, but they also cited other hurdles to overcome,
such as a lack of in-house expertise/knowledge.
While financial forecasters continue to signal near-term
economic downturns across the globe, research from FIS® (NYSE:
FIS), a global leader in financial services technology, has found
that executives remain committed to investing in innovation to
thwart emergent risks.
FIS’ Global Innovation Report sought to understand the risks
that today’s executives face, how they’re managing them, and how
new technology is being leveraged to help.
According to the study, 83% of U.S. executives across industries
said they have either already been impacted by financial risk or
expect to be impacted within the next 12 months. Further, 53% of
executives stated that they face budgeting issues when it comes to
implementing innovative solutions. However, 95% of respondents are
still turning to innovation to mitigate macro risks.
The findings suggest that even in today’s challenging
economic environment, U.S. executives still prefer to combat risk
by augmenting their competitiveness through innovation:
- The most common innovation strategy was technology and systems
innovation, cited by 60% of executives.
- 55% of those leaders cited becoming more competitive as the
reason to pursue innovation in their technology and systems.
- Meanwhile, 53% of surveyed leaders reported that they’re
pursuing artificial intelligence (AI) to be more competitive, and
52% are pursuing generative AI tools to be more competitive.1
- 49% reported the pursuit of embedded finance capabilities to
improve their competitiveness, and 49% reported competitiveness as
their reason for pursuing open banking capabilities.
“U.S. financial services firms have been leading the charge in
adopting innovative technology to enhance security, customer
experience and overall competitiveness,” said John Durrant, Banking
Solutions President at FIS. “Now, as the findings in this report
suggest, business leaders everywhere are shifting from a
‘wait-and-see’ approach to a deliberate investment and
experimentation strategy. FIS believes this trend will continue as
automation and AI pose unique opportunities to streamline
operations and enhance customer service while future-proofing
against competitors who are diving into digital head first.”
The report also sought to explore the variables that are
impeding executives’ ability to implement innovative solutions in
response to their respective risks. While budget constraints were
the top reported issue with 48% of firms experiencing it, a large
portion of U.S. respondents also expressed internal struggles that
pertain to talent and infrastructure.
The talent gap and a change-resistant culture are putting
pressure on industry leaders who seek to proactively mitigate risk
through technology:
- 50% of firms reported a lack of in-house
expertise/knowledge.
- 49% reported resistance to change among employees.
- 48% reported a lack of internal technology and/or data.
- 44% reported a resistance to change among top management.
“While the adoption of emerging technology is key for growth,
leaders must double-down on closing the talent gap in tech in order
to realize the full potential of their investments,” added Durrant.
“As leaders lean on internal talent to help digitally transform
their organizations, it is critical that it comes with a focus on
up-skilling and building a culture of innovation that has employees
rallying around change instead of running from it. Meanwhile,
companies can close the skills gap faster by finding the right
partners that can help them launch the innovative capabilities they
seek.”
About the FIS Global Innovation Report Research
FIS’ Global Innovation Report surveyed more than 2,000 business
leaders around the world. It reveals executives’ attitudes about
today’s risks and their strategies for managing them, as well as
how they are turning to innovation and new technologies to protect
their business and create a competitive edge.
The U.S. data is based on a sample of 480 executives from the
global study, spanning U.S.-based financial institutions,
securities and investment firms, insurers, fintechs, retailers,
technology providers, energy and utilities firms, and healthcare
providers, as well as other sectors.
The survey was conducted by Savanta on FIS’ behalf in June
2023.
About FIS
FIS is a leading provider of technology solutions for financial
institutions and businesses of all sizes and across any industry
globally. We enable the movement of commerce by unlocking the
financial technology that powers the world’s economy. Our employees
are dedicated to advancing the way the world pays, banks and
invests through our trusted innovation, system performance and
flexible architecture. We help our clients use technology in
innovative ways to solve business-critical challenges and deliver
superior experiences for their customers. Headquartered in
Jacksonville, Florida, FIS is a member of the Fortune 500® and the
Standard & Poor’s 500® Index. To learn more, visit
www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter
(@FISglobal).
1 The survey defined AI, exclusive of Generative AI, as machine
learning technologies for process automation and data analysis.
Generative AI encompasses technologies designed to create new
content from provided inputs, e.g., ChatGPT.
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version on businesswire.com: https://www.businesswire.com/news/home/20231004161859/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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