Canadian Financial Services Firms “Double-Double” Down on their Digital Transformation in 2021
In 2021, Canadian executives continue to feel positively about their company’s experience with digital transformation
Cloud technologies continue to underpin innovation as Canadian financial services firms digitize their processes.
2022 will be the year of improving efficiencies for Canadian financial services firms, as businesses are ready to invest in technology that create a better customer and user experience.
Canadian financial services firms continue to remain somewhat confident in their digital transformation, but there is still a long way to evolve.
Methodology
The survey of 102 Canadian financial services professionals was conducted via email.
1
2
3
SCROLL
DOWN
Broadridge’s fourth-annual “Digitally Transforming Canada” survey explores the state of digital transformation and its impact on Canadian businesses
Conclusion
“While digital transformation is an ongoing evolution, businesses are accelerating their adoption of technologies such as the Cloud, AI and Blockchain and finding significant business impact as a result”
Michael Dignam, President of Canadian Securities Processing Solutions at Broadridge
44
%
58
%
Cloud Technology Continues to Underpin Innovation
Hurdles Remain for Adoption, Yet Firms Continue to Innovate
In 2021, ‘resources’ moved to the forefront as the biggest hurdle companies face when it comes to digital transformation, followed by legacy technology and data analytics.
TM
Canadian financial services firms cite futureproofing their environment for a competitive advantage, improving user experience and consolidating / integrating multiple systems as their top three goals when implementing new technologies
POUTINE
(Accomplished)
DOUBLE
DOUBLE
(Optimistic)
HAWAIIAN
PIZZA
(Neutral)
TIMBIEBS TIMBITS
(Unconvinced)
CINNAMON BUN CHIPS
(Negative)
2020
2021
15
%
29
%
38
%
24
%
19
%
20
%
4
%
4
%
3
%
44
%
Over half (53%) of executives report feeling “optimistic” or “accomplished”; however, optimism decreased slightly from 2020 as the pandemic continues to cause uncertainty across industries
IMPROVING EFFICIENCIES
71
%
The majority of respondents (71%) shared that improving efficiencies is the primary goal for their technology spend in 2022
Over 40% of Canadian financial services firms cite improving user experience as their top goal when implementing new technologies in 2022
Over half of Canadian financial services firms said that ‘increased productivity and resulting lower costs’ was the top area of improvement within their company as a result of digital transformation
INCREASING REVENUE
17
%
LOWERING COSTS
12
%
(51% in 2020)
56
%
Cloud continues to remain the most significant emerging technology year-over-year as Canadian financial services firms foresee a hybrid working environment in 2022
CLOUD
(34% in 2020)
AI
41
%
(15% in 2020)
BLOCKCHAIN
3
%
Our 2022 Global Next-Gen Global Technology Survey found comparable results showing that 80% of financial services firms are mid-to-advanced in implementing Cloud technologies.
When asked to grade their company’s digital transformation efforts, 53% of respondents gave themselves an “A” or “B”, down from 66% in 2020.
(18% in 2020)
17
%
GRADE
36
%
(50% in 2020)
GRADE
(21% in 2020)
GRADE
37
%
(5% in 2020)
GRADE
6
%
(6% in 2020)
GRADE
4
%
Similarily, our 2022 Global Next-Gen Global Technology Survey found that only 21% of respondents identify as “leaders” in their digital transformation maturity.
2
1
3
LEGACY
TECHNOLOGY
RESOURCES
DATA
ANALYtICS
Canadian Financial Services Firms “Double-Doubled” Down on their Digital Transformation in 2021
Broadridge’s fourth-annual “Digitally Transforming Canada” survey explores the state of digital transformation and its impact on Canadian businesses
44
%
58
%
Methodology
The survey of 102 Canadian financial services professionals was conducted via email.
1
Cloud technologies continue to underpin innovation as Canadian financial services firms digitize their processes.
2
2022 will be the year of improving efficiencies for Canadian financial services firms, as businesses are ready to invest in technology that create a better customer and user experience.
3
Canadian financial services firms continue to remain somewhat confident in their digital transformation, but there is still a long way to evolve.
Conclusion
In 2021, ‘resources’ moved to the forefront as the biggest hurdle companies face when it comes to digital transformation, followed by legacy technology and data analytics.
2
LEGACY
TECHNOLOGY
RESOURCES
DATA
ANALYtICS
1
3
Hurdles Remain for Adoption, Yet Firms Continue to Innovate
TM
“While digital transformation is an ongoing evolution, businesses are accelerating their adoption of technologies such as the Cloud, AI and Blockchain and finding significant business impact as a result”
Michael Dignam, President of Canadian Securities Processing Solutions at Broadridge
Similarily, our 2022 Global Next-Gen Global Technology Survey found that only 21% of respondents identify as “leaders” in their digital transformation maturity.
(6% in 2020)
4
%
GRADE
(5% in 2020)
6
%
GRADE
(21% in 2020)
37
%
GRADE
(50% in 2020)
36
%
GRADE
(18% in 2020)
17
%
GRADE
When asked to grade their company’s digital transformation efforts, 53% of respondents gave themselves an “A” or “B”, down from 66% in 2020.
(15% in 2020)
BLOCKCHAIN
3
%
(34% in 2020)
AI
41
%
(51% in 2020)
CLOUD
56
%
Our 2022 Global Next-Gen Global Technology Survey found comparable results showing that 80% of financial services firms are mid-to-advanced in implementing Cloud technologies.
Cloud continues to remain the most significant emerging technology year-over-year as Canadian financial services firms foresee a hybrid working environment in 2022
Cloud Technology Continues to Underpin Innovation
2020
2021
TIMBIEBS TIMBITS
(Unconvinced)
19
%
4
%
CINNAMON BUN CHIPS
(Negative)
4
%
3
%
HAWAIIAN
PIZZA
(Neutral)
24
%
20
%
DOUBLE
DOUBLE
(Optimistic)
38
%
44
%
POUTINE
(Accomplished)
15
%
29
%
Over half (53%) of executives report feeling “optimistic” or “accomplished”; however, optimism decreased slightly from 2020 as the pandemic continues to cause uncertainty across industries
71
%
IMPROVING EFFICIENCIES
17
%
INCREASING REVENUE
12
%
LOWERING COSTS
The majority of respondents (71%) shared that improving efficiencies is the primary goal for their technology spend in 2022
In 2021, Canadian executives continue to feel positively about their company’s experience with digital transformation
SCROLL
DOWN
Over 40% of Canadian financial services firms cite improving user experience as their top goal when implementing new technologies in 2022
44
%
Over half of Canadian financial services firms said that ‘increased productivity and resulting lower costs’ was the top area of improvement within their company as a result of digital transformation
58
%
Canadian financial services firms cite futureproofing their environment for a competitive advantage, improving user experience and consolidating / integrating multiple systems as their top three goals when implementing new technologies
Broadridge’s fourth-annual “Digitally Transforming Canada” survey explores the state of digital transformation and its impact on Canadian businesses