Data management and privacy is seen as a challenge for three out of ten business decision makers of financial services companies in the UK and the US over the next five years, according to a survey. However a greater percentage see cyber security (42%) as a challenge, while a lesser percentage (16%) view technology disruption as a hurdle.
The ranking of the challenges was equal for both countries with the exception of politics. For more than half of UK respondents (54%), the topmost challenge was political changes, no doubt down the impending departure of Britain from the European Union. In the US, it is seen as a hurdle by only 24% of respondents.
Artificial intelligence and machine learning, and big data are seen as major technological disruptors over the next five years. Over a third (31%) said that artificial intelligence and machine learning would create disruption, while less than half of that figure (14%) anticipate that big data will cause technological disruption.
Amid these challenges, the companies of many respondents have plans in place to mitigate the disruption they expect to face. More than half (54%) said that have plans in place to respond to artificial intelligence and machine learning.
Ian Stone, CEO of Vuealta which commissioned the research, advised: “Take a connected approach to your planning and forecasting across the business. Only then can you be armed with the insight you need and the speed you require to face the challenges and disruptions that will shape the financial services industry in the years to come.”
The research was conducted by Censuswide