Digital Strategy Trends in the Irish Financial Services Sector
Financial Services Sector Survey
In late April / early May, Arekibo reached out to 100 of Ireland’s top executives from the Financial Services sector. We asked them some tough questions about how they perceive their businesses, and in particular, their approach to digital strategy development. From the results of this survey, we have prepared a snap shot report on market sentiment. The key findings from our survey are outlined in the info-graphic below.
Key Findings:
- The vast majority of respondents believe that developing a digital strategy is very important, but our survey highlighted that there is poor adoption of company-wide digital strategy.
- Only 22% of those surveyed have a company-wide digital strategy and almost half (48%) of the respondents believe that their company still treat digital in a "piece-meal" manner.
- In terms of digital ownership, there has been a shift away from Marketing Departments (29%) owning the strategy, with Senior Management increasingly leading the way at 58%.
- Irish financial firms are becoming more digitally savvy, with almost two thirds having some in-house digital capability. However, in general, respondents feel that there is room for further improvement in this area.
- Some of the main barriers to devising a digital strategy range from creating a coherent business case to stakeholder management and internal skills gaps.
- The survey also found that product exploration and experimentation remains relatively low and project-dependent but those in the industry have aspirations to change this.
- Looking to the future of digital in Financial Services, 57% of those surveyed believe that data and data analysis will be the primary driving force behind their strategic decisions.
Infographic - Digital Strategy Trends in Irish Financial Sector:
For more information on the survey please feel free to contact us on enquiry@arekibo.com or you can download your copy of the report by clicking the link below: