Nearly two-thirds (63%) of Irish business leaders are concerned about keeping pace with technology innovators who are disrupting their industry sector according to PwC Ireland’s 2016 CEO survey.
According to the report, the financial services industry has seen some dramatic technology-led changes over the past few years and this trend is set to accelerate.
The survey indicates that while FinTech start-ups are encroaching upon established markets, many executives look to their IT departments to improve efficiency, reduce costs and facilitate innovation.
At the same time, IT Departments are also trying to balance the costs associated with supporting many legacy systems, some of which are more than 30 years old.
Data analytics, customer relationship management systems and social media communications are the top three technologies delivering greatest return in terms of stakeholder engagement according to the report.
FS Partner and Advisory Leader at PwC Ireland, Ciaran Kelly said, "In Ireland and globally, those at the heart of financial institutions know there is no easy way to embrace this unprecedented disruption. Many organisations are now forming the view that the public cloud is safer and more reliable than on-premises solutions."
He added, "Soon, Blockchain may prove to have the same impact on the future of financial services as the Internet had on many sectors such as media & entertainment, telecommunications, travel, retail etc."