Canadian Firms Take a “Slapshot” at Digital Transformation in 2020
More Canadian executives felt “accomplished” about their company’s experience with digital transformation compared to 2019
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2020 was a landmark year for digital transformation in Canada, but complacency is not an option. Obstacles like legacy technology and regulatory compliance were even bigger hurdles in 2020 than they were in 2019.
Cloud technologies are primed to be the #1 focus for Canadian financial executives next year, as companies look to improve their digital experience while ensuring compliance and security.
Canadian financial firms are accelerating their digital transformation, taking advantage of a once-in-a-lifetime opportunity to set themselves up for technological success far beyond the global return to normal.
Our world has changed
Temporary meets permanent
Different interactions
Returning to normal
One message for better experiences
Conclusion
Methodology
The survey of 118 Canadian financial services professionals was conducted via email.
1
2
3
SCROLL
DOWN
An overwhelming majority of Canadians said the pandemic accelerated their company’s plans to digitally transform the way they work with clients
Broadridge’s third annual survey on Canadian digital transformation explores the state of innovation within the country’s financial services sector
2019
29
%
Conclusion
Which Canadian hockey phrase best describes your company’s experience with digital transformation?
Legacy technology and resources continue to be the biggest hurdles for companies
Increased customer advocacy, loyalty and retention (+26% from 2019)
Biggest areas of growth as a result of digital transformation: increased customer advocacy, loyalty, retention, increased productivity and lowering costs
79
%
“We have seen year after year that Canada’s financial services firms are actively prioritizing digitization, and 2020 can be seen as a culmination of those efforts amid the broader move to a remote working environment”
Michael Dignam, President of Canadian Securities Processing Solutions at Broadridge
Almost all of the respondents expect their company to continue this focus after a global “return to normal.”
96
%
87
%
11
%
44
%
49
%
20
%
23
%
2020
4
%
10
%
3
%
7
%
HAT TRICK
(Accomplished)
SLAPSHOT
(Optimistic)
FACE-OFF
(Neutral)
OFF THE
GOAL POST
(Unconvinced)
IN THE
SIN-BIN
(Negative)
Firms continue to overcome obstacles to digital transformation
78
2020
2019
%
Increased productivity and resulting lower costs (-6% from 2019)
56
2020
2019
%
Increased revenue from existing customers (+6% from 2019)
50
2020
2019
%
Increased employee retention
(+29% from 2019)
37
2020
2019
%
Increased revenue from new customers (+6% from 2019)
2020
2019
77
%
LEGACY TECHNOLOGY (+4% from 2019)
73
%
69
RESOURCES (-15% from 2019)
%
84
%
68
REGULATORY COMPLIANCE (+15% from 2019)
%
53
%
56
DATA ANALYTICS (+3% from 2019)
%
53
%
29
EXECUTIVE SPONSORSHIP (-11% from 2019)
%
40
%
2019
2020
The ABCDs of Innovation continue to pave the way
CLOUD
(+10% from 2019)
AI
(-16% from 2019)
BLOCKCHAIN
(+6% from 2019)
51
%
41
%
34
%
50
%
15
%
9
%
2019
2020
When asked to grade their company’s digital transformation efforts, Canadian executives continue to see room for improvement
As Canadian businesses continue to operate in a remote environment, 51% of respondents noted that Cloud will have the most significant impact on business over the next year
GRADE A
(23% in 2019)
GRADE B
(41% in 2019)
GRADE C
(34% in 2019)
GRADE D
(2% in 2019)
GRADE F
(1% in 2019)
49
%
17
%
20
%
6
%
7
%
SCROLL
DOWN
Increased employee retention (+29% from 2019)
TM
TM
TM