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1、CREATING ADVANTAGE IN UNCERTAINTYCONTENTSIntroduction and summaryRisk and reward?Whats the risk?Impact drives concern Experience and recency affect confidence Are early adopters at an advantage?Businesses are proactive on addressing risksInnovation critical for mitigating risk Technology and systems
2、 innovation is a focus for all Innovating for competitive edge Growing ESG interest drives innovation Budget is a blockerNew technologies drive change Firms view technology positively Generative AI has the most growth potential Organizations step up their game A means of mitigating risk?Finding the
3、advantageAppendixMethodology368910 224262INTRODUCTIONThe business environment is becoming increasingly challenging for many organizations,so mitigating against any risks is more critical than ever.Innovation has a significant role to play,and this report reveals business leader
4、s attitudes and intention towards implementing new technologies that can give them a competitive edge.New research from FIS has captured the views of more than 2,000 senior decision makers globally split between financial services businesses and a variety of other industries providing insights on cu
5、rrent risks and strategies for managing them,as well as the role of technology as a solution.3At a glanceRisk and reward?Business leaders say their organizations are exposed to more risk than in the past,but theyre confident in their ability to overcome these challenges and threats.Given the current
6、 economic situation and difficult hiring markets around the world,financial and strategic risks are weighing on leaders minds.To alleviate them,executives are taking action,working with staff and consultants to implement new technology that can improve efficiency and mitigate risk.Innovation critica
7、l for mitigating riskInnovation is playing a significant role in helping businesses address risks,with many executives looking to protect their organizations,gain a competitive edge and respond to the growing scrutiny on environment,social and governance(ESG)activity.While some businesses are taking
8、 steps to achieve these goals,others are being held back because they do not have the budget or talent they need to progress their plans at the desired pace or scale.New technologies drive changeEmerging technologies are one of the primary tools that executives are deploying to increase competitiven
9、ess and protect their organizations.But implementing them effectively consumes resources and takes skill.Businesses need to balance the return on investment,considering the associated costs and time needed to build effectiveness alongside the potential benefits.4Every advance in technology creates n
10、ew opportunities to innovate,while simultaneously introducing new threats.While nearly half of executives believe their risk has increased,we should expect that number to climb as the pace of technological innovation accelerates.Its all about balancing risk and reward through strong governance frame
11、works as we look to reap the benefits of emerging technologies.Melissa Cullen,Banking and Decisions Solutions Division Executive at FIS5RISK AND REWARD?With more instances of cybercrime,increasing public scrutiny and regulation,and unstable financial markets,there is more risk for businesses to mana
12、ge than ever before.The wrong decisions can create a larger impact on reputation,operations and the bottom line.of executives say they face more risk now than in the pastAround half(49%)of those surveyed believe their organization is facing more risk than in the past.Retailers are the most likely to
13、 be facing more risk than in the past(60%).The state of riskFinancial InstitutionsWe face less risk than in the pastInsuranceSecurities and InvestmentsFintechTechnologyRetailEnergy and UtilitiesHealthcareOthersThe sameWe face more risk than in the past649%19%38%43%22%26%52%16%28%56%8%41%52%8%32%60%2
14、0%31%49%16%33%51%16%34%50%9%53%38%Total Firms16%35%49%Total firmsFinancial InstitutionsInsuranceSecurities and InvestmentsFintechTechnologyRetailEnergy and utilitiesHealthcareOthersAny of these98%99%97%99%94%97%98%100%99%96%Financial63%64%61%71%72%59%81%61%61%56%Strategic54%55%53%55%50%58%55%57%56%5
15、3%Legal and regulatory38%39%38%50%45%32%21%52%34%31%Environmental and transition37%37%46%45%36%31%31%50%34%31%Operational44%36%35%49%49%68%46%52%51%40%Reputational29%29%30%39%27%28%23%33%25%23%The most concerning risks to businessWhats the risk?Rising inflation and interest rates,ongoing supply and
16、staffing shortages,and increasingly fragmented markets with growing competition all propel financial and strategic risk to the top of the list of concerns across all respondents.More than three in five(63%)organizations are concerned about financial risk,and more than half(54%)are worried about stra
17、tegic risks.Capital markets and fintech respondents,who are the most likely to agree they are facing more risk than ever,cited rising interest rates,inflation and market volatility as their biggest worries putting financial risk squarely at the top of their list of concerns.Retailers are also more l
18、ikely than average to be facing financial risk(81%),with 89%concerned about rising inflation,which squeezes consumers disposable incomes,and 78%worried about supply chain disruption.With new regulations and a lack of clarity around many emerging technologies such as the safety and ethics of using ge
19、nerative AI for business firms across the financial services sector,which are most affected by shifting political outlooks and agendas,rate legal and regulatory risk as their third most pressing concern at 43%.By comparison,non-financial services organizations(composed primarily of those in the tech
20、nology,retail,energy and utilities,and healthcare sectors)are more concerned about operational risk than legal and regulatory risk.7See the appendix for definitions of each risk.Most common concernSecond most commonSecond least common Least common Impact drives concernThere is a correlation between
21、the scale of past and potential impact,and executives attitude towards the associated risk.As discussed above,leaders in all sectors are most concerned about financial risk,with the exception of the tech sector.And we can see that this type of risk has already affected organizations;55%of respondent
22、s that are concerned about financial risk have already been impacted by it.A further 31%of all organizations expect to be affected in the next 12 months.Strategic risk,which was the second biggest risk concern,has already impacted 51%of all firms.Only 37%of executives are concerned about environment
23、al and transition risk,putting this type of risk in fifth place.However,with the SEC mandating that every company will need to report on ESG,and other policy makers and regulators following suit around the world,all companies will need to be prepared.In fact,many companies are already reporting on E
24、SG metrics and risk factors in Europe,as mandated by regulators there.of all firms have been or expect to be impacted by environmental and transition risk41%of financial services firms are concerned about environmental and transition risk,and they have also been most impacted by it:56%say they have
25、already been impacted,in comparison to 49%across all companies.Insurers are even more likely to have been affected by environmental and transition risk(63%vs 49%across all industries),and they are also most likely to be worried,with 46%of insurance executives citing this type of risk as a concern.55
26、%31%7%51%31%11%49%33%10%47%30%12%46%36%8%44%34%9%Financial riskStrategic riskEnvironmental and transition riskOperational riskLegal and regulatory riskReputational riskHave been impacted by this riskAnticipate being impacted in the next 12 monthsAnticipate being impacted in the next 1-3 years92%8Exp
27、erience and recency affect confidence While many organizations face increased risk,almost all(93%)are confident that they will be able to manage and overcome their current challenges.Not all organizations display the same degree of confidence,of course,and both experience and risk have a part to pla
28、y.Executives in the financial services sector,which is a highly regulated industry,are more likely to feel very confident in their ability to manage or overcome macro risks(48%,in comparison to an all-industry average of 44%).Generally,these companies are more attuned to risk management,and have sig
29、nificant teams to manage risk,as well as company-wide education programs to prevent issues.The scale and recency of the risk also affects business confidence.The verticals that were more likely to agree their exposure to risk has increased capital markets,fintech and retail display less confidence t
30、han others.Capital markets businesses relative lack of confidence reflects their direct and intense exposure to these risks,as discussed above.Somewhat confidentVery confidentConfidence varies by sector9Are early adopters at an advantage?Early adopters of technology defined as those comfortable taki
31、ng risks and among the first to introduce new technology for their organization are more likely to agree that they face less risk than in the past(20%in comparison to the average of 16%).Having faced down the risks of engaging with new technology earlier than most,these firms are also now very confi
32、dent in their ability to handle current risks.In fact,60%of executives at early adopters rated themselves as very confident that their organization would be able to overcome and manage risks effectively(compared to 44%across all organizations).Total firmsFinancial institutionsInsuranceSecurities and
33、 investmentsFintechTechnologyRetailEnergy and utilitiesHealthcareOthers49%42%61%30%45%54%64%32%53%37%51%45%51%42%40%56%45%50%49%44%Total firmsFinancial InstitutionsInsuranceSecurities and InvestmentsFinTechTechnologyRetailEnergy and UtilitiesHealthcareOthersAssigned existing staff51%48%45%45%57%57%5
34、7%62%56%51%Hired additional staff37%38%30%30%43%37%38%44%41%38%Hired outside consultants34%39%43%33%32%25%30%29%41%30%Adopted new technology47%49%35%45%58%45%52%58%51%47%Acquired/partnered with other businesses31%36%43%28%37%22%21%40%31%25%Restructured business model39%40%30%41%38%45%41%42%41%37%Bus
35、inesses are proactive on addressing risksWhatever their approach to tech adoption,executives are not resting on their laurels when it comes to taking action on their most concerning risks.One of the most common solutions for reducing risk is to assign existing staff to take responsibility.This is th
36、e favored approach to addressing almost all variations of risk,across all organizations.Looking to existing staff is the fastest and most cost-efficient option,although talent shortages may also be a deciding factor.The only exceptions to this approach are financial services firms strategies for env
37、ironmental and transition risk and strategic risk.When it comes to the first type of risk,financial institutions are most likely to hire additional staff(51%in comparison to a 43%average across all companies).This could represent recognition of a need for specialist skills.Strategies to address fina
38、ncial risk10When it comes to strategic risk,financial services organizations favor new technology.45%of financial services firms have already implemented new technology,increasing to 56%among fintechs and 46%among financial institutions.There are also sector-specific divergences when it comes to res
39、ponding to operational risk.Retail and healthcare are the most likely to turn to technology(67%and 64%against an average of 51%).Its efficiency and accuracy are likely seen as a boon for enhancing logistics,supply chain management,cost saving and recordkeeping.Industries with technology at the heart
40、(technology and fintech)are also more likely to adopt new technology to address operational risk(61%and 56%against an average of 51%).Most popular strategySecond most popular Third most popularEarly adopters are more confident,and no wonder.Whether its next generation AI tools or regulatory technolo
41、gy,deploying the latest technology is the best way to protect the business from high levels of risk.Couple that with internal ownership of risk and companies can be more confident even as they face a range of ever-changing challenges.Tony Warren,Global Strategy Division Executive,Capital Markets at
42、FIS11INNOVATION IS CRITICAL FOR MITIGATING RISKAddressing risk is complex and requires a significant investment of time and money.Almost all respondents(90%)agree that innovation the conception,development and delivery of new products,services,processes and business models plays an important role in
43、 managing the risks currently faced by their organization.Only 2%believe that it has no role at all.of firms believe innovation plays a role in mitigating macro risksAmong early adopters,which by nature are keen to stay at the top of their game,60%agree that innovation plays a very significant role
44、in managing macro risks far above the average across all businesses(43%).Financial services companies are also more likely to agree with this notion(48%),particularly those in the insurance industry(58%).Outside of the financial services sector,organizations in the technology(49%)and energy and util
45、ities(48%)sectors are the most likely to believe that innovation has a very significant role in mitigating risk.The healthcare sector is the least likely to agree that innovation will play a significant role,with 23%saying it will play a minimal role,or no role at all.98%Financial institutionsTotal
46、firmsInsuranceSecurities and investmentsFintechTechnologyRetailEnergy and utilitiesHealthcareOthersSomewhat significant roleVery significant roleInnovation as a mitigating factor1246%43%45%48%39%58%52%44%50%45%43%49%52%35%38%48%43%35%48%34%There are a wide range of areas in which organizations can m
47、obilize innovation each providing its own lever for driving change and mitigating risks.Technology and systems innovation:building or adopting new technology into the business Customer experience innovation:developing new or updated engagement channels and experiences across the client journey Busin
48、ess model innovation:re-thinking the way the company does business Product and service innovation:developing new or updated products and services for customers Operating model innovation:changing the way teams and business lines are structured Process innovation:modifying the product or delivery of
49、products and services Sales and marketing innovation:developing new or updated marketing approaches and messaging and/or distributionEach organization will have its own approach to deploying innovation,based on its unique objectives,opportunities and challenges,but some core trends are clear.13Techn
50、ology and systems innovation is a focus for allMore than half(54%)of organizations will build or adopt technology and systems innovations to mitigate risk in the next 12 months making this the most common choice of innovation across all respondents.Unsurprisingly,businesses built around tech are amo
51、ng the most likely to take this approach(73%of technology firms and 59%of fintechs).But companies in the healthcare and capital markets industries are also committed to technological innovation in the year ahead(71%and 56%,respectively).Firms have a variety of goals when pursuing this type of innova
52、tion.Becoming more competitive is a priority across all industries(55%),although financial services firms are more driven by protecting their business(58%).Across all organizations,external factors also come into play,including the current economic environment(49%)and the desire to meet customer nee
53、ds and expectations(48%).14Total firmsFinancial InstitutionsInsuranceSecurities and InvestmentsFintechTechnologyRetailEnergy and UtilitiesHealthcareOthersTechnology and systems innovation54%48%53%56%59%73%61%61%71%47%Customer experience innovation 47%50%51%50%45%51%57%46%48%39%Product and service in
54、novation 43%42%46%46%39%49%43%57%34%40%Business model innovation 41%43%41%48%45%37%33%43%36%39%Operating model innovation 41%40%35%44%45%47%30%48%49%40%Process innovation 37%37%30%46%34%41%33%36%43%32%Sales and marketing innovation 35%29%34%40%36%36%46%39%29%36%Most popular strategy(by sector)Second
55、 most popular A range of innovation strategiesThird most popularTechnology and systems innovationProduct and service innovationBusiness model innovationSales and marketing innovationProcess innovationCustomer experience innovationOperating model innovationBecome more competitive55%57%58%59%58%56%57%
56、Improve profitability47%48%48%52%51%44%50%Grow revenue42%48%45%52%46%44%45%Protect business51%49%51%51%53%50%63%Deepen customer relationships37%41%43%46%43%48%41%Drive sustainability37%40%42%37%42%36%43%Improve internal culture24%26%29%30%35%27%30%15Innovating for competitive edgeBecoming more compe
57、titive is actually the primary driver for introducing every type of innovation,with more than 55%of executives listing this as a motivating factor across the board.While fewer organizations are planning to implement sales and marketing innovations(35%),the top goal for those focusing on this is also
58、 competitiveness.When asked what was driving this,over half pointed to the current economic environment.In the healthcare,technology and retail sectors,the priority for pursuing customer experience innovation is deepening customer relationships(61%,60%and 56%,respectively).These sectors are more lik
59、ely to be driven by consumer needs and expectations,with 74%of retailers,71%of technology firms and 68%of healthcare leaders citing consumers as a guiding factor of their innovation strategy,in comparison to 59%on average.Why invest in innovation?Most popular strategySecond most popular Second least
60、 popularLeast popularGrowing ESG interest drives innovationCompanies are becoming increasingly aware of the risk posed by climate change and shifting consumer sentiment around ESG strategies.49%of organizations have already been impacted by environmental and transition risk,and 33%expect to be affec
61、ted in the next 12 months.of organizations have already been impacted by environmental and transition riskAs discussed above,companies in the financial services industry are more likely to have been impacted by environmental and transition risk.Now they are pulling out all the stops to drive sustain
62、ability.46%are looking to innovate their business model,45%are reviewing their operating model,and 39%are looking to technology and systems innovation to increase the sustainability of their organizations.Energy and utilities companies have a more direct impact on the planet than other organizations
63、,and as a result they are significantly more likely to be focusing on product and service innovation(57%).With a rise in activist investing,43%say they are being driven by pressure from stakeholders and ownership,and 35%are also affected by shifts in regulation,in addition to managing a necessary tr
64、ansition to solar and wind power.49%The capital markets sector presents an interesting case study within the wider financial services industry.Capital markets businesses are more likely to implement process innovation than others(46%versus 37%across the all-company average),with 73%of those adopters
65、 agreeing that ESG pressure from stakeholders is guiding their direction.Here,technology comes into play as a route for achieving innovation in other areas.For example,machine learning is being used for ESG data analytics,and generative AI is being used for sentiment analysis.16Sustainability and st
66、akeholder pressure around ESG are also driving innovation17Each type of innovation strategy is being influenced by both businesses goals around sustainability and pressure from stakeholders to address ESG principles.Technology and systems innovationProcess innovationProduct and service innovationCus
67、tomer experience innovationBusiness model innovationOperating model innovationSales and marketing innovation48%57%57%55%59%52%52%37%36%40%42%43%42%37%Stakeholder expectations in the areas of ESG(Outside forces)Drive sustainability(Goals)Percentages are the proportion of all firms that say they are p
68、ursuing or planning to pursue the technologyIncreasing pressure from stakeholders around ESG is guiding how many organizations prioritize risks and pursue innovation.With new reporting regulations being introduced this year by the SEC and IFRS,companies will have to report on the financial impact of
69、 sustainability and climate-related risks and opportunities,which will likely spur investment in product,service and operating model innovation,which are likely to deliver the most visible and tangible resultsStephen Vitoria,Climate Risk Manager at FISTotal FirmsFinancial InstitutionsInsuranceSecuri
70、ties&investmentsFintechTechnologyRetailEnergy and UtilitiesHealthcareOthersLimited budget/financial resources53%57%51%58%50%47%55%52%64%51%Lack of in-house expertise/knowledge 50%56%52%59%60%41%34%45%41%44%Resistance to change among employees 49%58%46%63%51%39%30%46%51%41%Lack of internal technology
71、/data 48%54%52%60%46%39%36%48%40%42%Resistance to change among top management44%55%39%52%52%37%25%38%48%35%Barriers to innovationLocation also plays a role in organizations ability to pursue their innovation plans with regards to risk,with nearly every business in Australia(99%)and Singapore(98%)rep
72、orting challenges,in comparison to only 84%of companies in the U.S.,which reported the fewest challenges.In Australia,the most significant barrier is access to expert knowledge(66%);this appears the easiest to come by in Spain(37%)and the U.K.(42%).18Budget is a blocker Despite the importance of inn
73、ovation,some firms are being held back.Many organizations are tightening their spending.The financial services sector is facing more challenges than others,with 57%agreeing that there is a lack of in-house knowledge and expertise and 51%reporting resistance to change among top management.55%also agr
74、ee that there is a lack of technology or data within the organization.There are other concerns as well.Even early adopters report above-average resistance among employees(53%)and management(48%).53%of firms admit that there is limited budget or financial resources for investing in innovationMost com
75、mon barrier(by sector)Second most commonNEW TECHNOLOGIES DRIVE CHANGENew technology plays a key role in helping companies adapt to the latest changes,whether thats in the business environment or regulation.But as weve seen with the early adopters,some firms are more likely to implement the latest te
76、chnology than others.Those in the financial services sector stand out from their non-financial services counterparts for a greater adoption of every technology included in the study,with the sole exception of cloud computing.Firms have adopted a range of new technologies1953%55%51%49%49%48%47%44%61%
77、46%48%45%40%40%36%36%Financial servicesNonfinancial services57%are using CLOUD COMPUTING50%are using REGULATORY TECHNOLOGY50%are using DIGITAL TECHNOLOGIES TO IMPROVE THE CX47%are using AS A SERVICE44%are using OPEN BANKING44%are using ARTIFICIAL INTELLIGENCE42%are using EMBEDDED FINANCE40%are using
78、 GENERATIVE AIFirms view technology positivelyWhen it comes to more established technologies,business leaders naturally feel more comfortable.Each sector has a different focus.For example,those in the retail sector,who are already focused on the customer experience,are most positive about the potent
79、ial for digital technologies to improve that experience(70%).In contrast,the fintech and technology sectors are more likely to see AI as more of an opportunity than a risk(61%and 59%,respectively),while the insurance sector is more positive than most about generative AI(58%).While the fintech and te
80、chnology sectors are the most positive about the benefits that introducing new technologies could bring,the retail sector is the most risk averse.Retail executives are more likely than average to agree that new technologies present more risk than opportunity.And while businesses are wary of the pote
81、ntial risks,executives across the board see the opportunities that the newest technologies bring.And their appetite for investigating and implementing them is high.2056%of firms agree that there is more of an opportunity than a risk to both cloud computing and digital technologies like open APIsDegr
82、ee of risk vs.opportunity of new technologies-financial services industriesCloud computingCloud computingDigital technologies to improve customer experienceDigital technologies to improve customer experienceArtificial intelligenceArtificial intelligenceAs a serviceAs a serviceGenerative AIGenerative
83、 AIOpen bankingOpen bankingRegulatory technologyRegulatory technologyEmbedded financeEmbedded finance42%54%4%43%54%3%6%46%48%7%46%47%5%45%50%5%44%51%5%44%51%6%44%51%More of an opportunityEqual risk/opportunityMore of a riskDegree of risk vs.opportunity of new technologies-corporate/nonfinancial serv
84、ices industries37%59%4%37%58%4%8%45%48%15%44%41%37%13%50%14%36%50%10%37%53%More of an opportunityEqual risk/opportunityMore of a risk45%50%5%21Generative AI has the most growth potentialExecutives see generative AI as more of a risk to their business,perhaps due to its relative infancy or regulatory
85、 concerns.But while it has the lowest levels of current adoption,it also has the highest levels of planned usage.Clearly,respondents are ready to seize the opportunities it brings.of all respondents are currently using generative AIThat will rise towithin the next 3 years40%89%22Early adopters are a
86、head of the pack for technology usage.This group commonly sees more opportunity than risk across all technologies.They are also the least likely to avoid the technology completely.Despite seeing more risk in many technologies than the average respondent,capital markets firms have the largest appetit
87、e for introducing them over the next three years.They stand out particularly when it comes to planned usage of open banking(61%)and generative AI(60%).The insurance sector also has higher than average levels of planned usage over the next three years,but their top focus is on AI(55%).After that,they
88、 follow the capital markets pattern,with generative AI(55%)coming in second.23Regulatory technologyCloud computingDigital technologies to improve customer experienceAs a serviceOpen bankingArtificial intelligenceEmbedded financeGenerative AICompanys position on technologies corporate/nonfinancial se
89、rvices industriesPlan to use in next 12 monthsplan to use in next 1-3 yearsNot using and dont plan toCurrently using 23%61%8%9%92%48%31%9%11%90%29%46%10%15%85%11%45%28%16%84%40%14%24%23%78%40%32%14%14%86%22%29%13%36%78%16%36%14%35%84%Currently using +Anticipate pursuingCompanys position on technolog
90、ies financial services industriesRegulatory technologyCloud computingDigital technologies to improve customer experienceAs a serviceOpen bankingArtificial intelligenceEmbedded financeGenerative AI34%55%8%Plan to use in next 12 monthsplan to use in next 1-3 yearsNot using and dont plan toCurrently us
91、ing 97%53%35%8%96%38%51%9%97%9%49%38%96%49%10%37%96%48%10%37%5%96%5%47%11%37%95%40%44%11%95%Currently using +Anticipate pursuing3%3%3%4%4%6%Organizations step up their gameAround two-thirds of existing adopters plan to increase their spend in the next 12 months,showing their commitment towards makin
92、g the most of the opportunities.Customer experience technology is the biggest growth area in terms of spend,followed by AI and generative AI.In many cases,investment in these areas will work towards a common goal or strategy.For example,both types of AI are being used to improve the customer experie
93、nce.Most of the firms that already invest in these technologies plan to invest more.24Investment plansDigital technologies to improve the CXArtificial intelligence(AI)68%18%14%69%18%13%Maintain spendIncrease spendDecrease spend*Percentages are the proportion of those saying they are currently using
94、the technology59%28%13%59%28%14%59%27%14%57%27%16%56%30%14%Cloud computingRegulatory technologyAs a serviceEmbedded finance Open banking2574%plan to increase their spend,6%higher than the average across all respondents(68%).Financial services companies are more likely than other respondents to spend
95、 more on their existing technologies over the next year.Regulatory technology is an especially significant area of investment,with 67%of financial services firms increasing budgets in this area.However,each sector within financial services has a different priority.74%of fintech firms will invest in
96、digital technologies to improve customer experience.Meanwhile,insurance companies are most likely to increase their budget for cloud computing(74%).In the retail,energy and utilities,and healthcare sectors,spending looks flat.Across all technologies,only about 15%across all sectors are planning to d
97、ecrease their budgets in the year ahead.Technology firms will be the biggest spenders on AI in the year ahead.26A means of mitigating risk?Respondents view all technologies as a means to mitigate risk but not to the same degree.Financial services firms are significantly more likely to have this atti
98、tude to all technologies that we asked about more so than their non-financial counterparts.However,the nature of the business affects how companies view each type of technology.Fintech firms are far less likely to view generative AI(69%in comparison to the financial services sector average of 84%)an
99、d open banking(70%in comparison to 84%)as a means to mitigate risk.Capital markets firms are more likely to look towards regtech as a solution to some of their pain points(94%in comparison to 89%).Outside of the financial services sector,80%of retail executives see only digital technologies for cust
100、omer experience as a way to reduce their risk exposure.They are also significantly more likely to see more risk in technologies than opportunity,so its likely that they simply do not believe that their potential gains are worth the risk.A means of mitigating risk?88%78%89%76%87%78%85%70%84%71%83%see
101、 CLOUD COMPUTING as a means of mitigating risks83%see REGULATORY TECHNOLOGY as a means of mitigating risks83%see DIGITAL TECHNOLOGIES TO IMPROVE THE CX as a means of mitigating risks78%see EMBEDDED FINANCE as a means of mitigating risks78%see GEN AI as a means of mitigating risksFinancial servicesNo
102、nfinancial services85%72%79%see AS A SERVICE as a means of mitigating risks84%71%78%see OPEN BANKING as a means of mitigating risks88%76%82%see ARTIFICIAL INTELLIGENCE as a means of mitigating risksPercentages are the proportion of firms that say they are curremtly using the technology27Technology a
103、s a mitigating factorBut mitigating risk isnt the only benefit of these technologies.Executives see technology as helping them become more competitive just like innovation.The only exceptions are cloud computing and regtech,which are both viewed as a way to protect the business.The climate is a moti
104、vating factor too.Energy and utilities firms are especially likely to list driving sustainability among their goals for implementing new technologies,particularly when it comes to regtech(60%),generative AI(54%)and digital technologies to improve the customer experience(51%).Goals of plans to pursue
105、 technology-financial services industriesGenerative AIDigitaltechnologiesto improvethe CX RegulatorytechnologyAs a serviceOpen banking28%29%28%27%27%27%28%28%ArtificialintelligenceCloudcomputingEmbeddedfinance 41%39%42%43%42%43%41%41%39%47%41%43%42%41%43%40%41%43%52%52%51%50%50%50%51%50%48%48%44%44%
106、44%46%47%40%40%42%43%45%42%41%41%40%40%41%44%43%42%43%*Percentages are of firms that are currently using or intend to use the technologyGoals of plans to pursue technology-corporate/nonfinancial services industries42%Generative AIDigitaltechnologiesto improvethe CX RegulatorytechnologyAs a serviceOp
107、en bankingArtificialintelligenceCloudcomputingEmbeddedfinance 24%26%23%28%26%23%27%23%32%32%34%36%32%31%31%31%35%42%41%51%44%44%46%47%54%52%52%43%43%38%36%43%44%43%40%42%41%36%38%36%39%43%43%42%37%35%50%47%44%45%42%49%46%51%40%*Percentages are of firms that are currently using or intend to use the t
108、echnologyBecome more competitiveImprove profitabilityDrive sustainabilityProtect businessImprove internal cultureDeepen customer relationshipsGrow revenueBecome more competitiveImprove profitabilityDrive sustainabilityImprove internal cultureDeepen customer relationshipsGrow revenueProtect businessE
109、mbracing these emerging technologies could revolutionize the business world.The potential for enhanced efficiency,personalized experience and sustainability is immense.These technologies are also important levers for mitigating a variety of risks making them critical to fostering trust and long-term
110、 growth.John Avery,Vice President,Enterprise Strategy,FIS2829FINDING THE ADVANTAGEShifting economies and increased competition are just some of the factors that are putting businesses in a difficult position.Many are facing more risk than they have in the past.However,most feel that they will be abl
111、e to overcome their challenges thanks to a variety of innovation strategies and investment in new technologies.Executives believe that these strategies will give them a competitive edge,protect their business,improve their sustainability credentials and demonstrate their investment in innovation.How
112、ever,a lack of in-house knowledge and budget could leave many vulnerable.So,how can businesses see past the uncertainty and create an advantage with innovation?Start with these six steps:Systematically assess the short-and long-term impact of macro risks on your business Identify which innovation st
113、rategies can mitigate the risks to your technology infrastructure but also your business model,processes and customer experience Consider how the latest technologies can support your innovation strategy,the best way to fully leverage them and how partnering could help you achieve your goals faster U
114、nderstand where resistance to innovation is coming from and implement educational or operational programs to clear roadblocks Determine where you need to augment internal knowledge and skills,and whether that requires training existing staff,hiring new employees or partnering for expertise,especiall
115、y in relation to the evolving regulatory landscape Stay close to your customers.If you build their preferences into your strategy both now and in the future then your decisions will always be client-centricThe economic and regulatory environment continues to change fast.But no matter the climate,inn
116、ovation and the latest technologies will be the key to remaining competitive and protecting your business.Action now is likely to pay dividends tomorrow.1 2 3 4 5 6 InnovationsBusiness model innovation rethink the way the company does business(e.g.,digitalizing,transitioning to a green economy,etc.)
117、Customer experience innovation develop new or updated engagement channels and experiences across the client journey(e.g.,personalization,increased use of digital platforms,use of artificial intelligence and machine learning)Operating model innovation changing the way teams and business lines are str
118、uctured(e.g.,redesigning work distribution,location strategy/outsourcing)Process innovation make changes to the production or delivery of our products/servicesProduct and service innovation develop new or updated products/services for our customers(e.g.,embedded finance,instant payments,crypto servi
119、ces,ESG/sustainable products)Sales and marketing innovation develop new or updated marketing approaches and messaging and/or distributionTechnology and systems innovation build or adopt new technology into the business(e.g.,accounting systems,HR systems,inventory systems,AI authentication and monito
120、ring,payments,digital systems)30APPENDIXDefinitionsRisksEnvironmental and transition natural disaster,climate change/risk,cost of changing business from brown to green economy,etc.Financial supply chain disruptions,economic uncertainty,access to credit,increasing interest rates,increasing costs,etc.
121、Legal and regulatory new regulations,changing regulations,lack of regulatory clarity around emerging technologies or trends,fraud,etc.Operational cybersecurity threats,technology failures,etc.Reputational internally or externally driven negative publicity,etc.Strategic new/increasing levels of compe
122、tition,difficulty recruiting/maintaining skilled staff,potential disintermediation from more nimble competitors,the need to digitalize,etc.TechnologiesArtificial intelligence(AI)(machine learning technologies for process automation,data analysis,etc.Excludes Generative AI like ChatGPT)As a service(e
123、.g.,business process outsourcing)Cloud computingDigital technologies to improve the customer experience(e.g.,open APIs)Embedded finance(banking products or processes delivered/offered within non-bank services)Generative AI(e.g.,ChatGPT)Open banking(e.g.,securely sharing financial data between banks
124、and third-party service providers,such as fintech apps,through open APIs and open-source technology)Regulatory technologyMethodologyResearch findings are based on a survey conducted in partnership with Savanta in June 2023.The online survey explored a sample of 2,018 senior business leaders attitude
125、s towards risks,innovation,technology and the current economic climate.The respondents consisted of leaders with financial decision-making authority at a mix of businesses by size and industry.This included readable base sizes of the following target industries:fintech,financial services,securities
126、and investment,insurance,technology,retail,energy and utilities,and healthcare.Respondent roles included a mix of C-suite executives,VPs and directors.Respondents were from the U.S.,Canada,Hong Kong,Singapore,Australia,U.K.,Germany,Spain and Ireland,and the survey was translated and localized where
127、needed per best practice.About SavantaSavanta is a market research and insights consultancy that helps brands make better decisions.They conduct interviews and surveys with specific target audiences including niche B2B decision makers,and work extensively in the technology and financial services ind
128、ustries.312023 FISFIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S.and/or other countries.Other parties marks are the property of their respective owners.2629835About FISFIS is a leading provider of technology solutions for merchants,banks and capita
129、l markets firms globally.Our more than 55,000 people are dedicated to advancing the way the world pays,banks and invests by applying our scale,deep expertise and data-driven insights.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 Fortune 500 company and is a member of Standard&Poors 500 I