According to new research by IT and consulting firm Infosys, 78 per cent of leaders in the banking and financial services industry perceived that levels of disruption were either high or medium.
However, 40 per cent of leaders felt their “digital maturity” was on par with global peers and 35 per cent felt they were ahead.
When comparing digital maturity to local counterparts, nearly half (45 per cent) of financial services leaders felt they were ahead, and more than a third (36 per cent) feeling on par.
Nearly two-thirds (65 per cent) of leaders in the financial services sector were in the process of building their in-house digital capabilities.
Infosys industry head of financial services, Asia-Pacific Andrew Groth told Fintech Business that it was “encouraging” to see that the sector was “generally faring well” against local and global competitors.
“This suggests that BFSI organisations are taking advantage of the opportunities that digital initiatives can offer to continuously transform their businesses to be more digitally agile,” Mr Groth said.
However, he also pointed out that a key challenge for this sector was internal collaboration.
“An organisation that stifles collaboration hinders the ability to adopt agile digital at scale, but we can overcome this with the right approach,” he said.
He suggested that it was the responsibility of company leaders and executives to drive digital innovation.
“Being digitally disruptive cannot be solely driven by the IT department, it is a business imperative that requires commitment from all leaders within a company,” Mr Groth concluded.