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KPMG financial services technology insights report

KPMG reports on the state of financial services industry digital transformation, automation, artificial intelligence, and machine learning

Digital to the core

In May and June 2022, KPMG U.S. surveyed 1,052 U.S.-based, executive-level technology leaders across eight broad industry sectors. The 2022 KPMG U.S. Technology Survey Report covers the current state of their organization’s digital transformation journey, the challenges they are facing along that journey and their planned technology investments. This financial services industry insights report highlights the most significant differences in the survey findings for the 150 technology leaders in the financial services sector—and specifically at banks and insurance companies—relative to all sectors represented in the survey.

Key Findings

It may come as little surprise that financial services companies spend more on technology as a percentage of annual budget than any other industry. But our survey also reveals that for all that spending, their results are mixed. Many areas remain a work-in-progress—perhaps most surprisingly, in data and analytics.

2022 KPMG U.S. Technology Survey Report

Rising costs, economic uncertainty, geopolitical fractures, and a global talent crisis have created arduous conditions for today’s businesses. But as the results from our 2022 KPMG U.S. Technology Survey show, many organizations are turning to new and emerging technologies to strengthen customer loyalty, enhance their products and services, protect market share, and win new business.
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Here are a few highlights:

Financial services companies—especially banks—spend more of their annual budget than companies as a whole, and have made gains in some areas as a result:

  • Spend 10% or more on technology (banks: 80%; insurance companies: 64%; all financial services companies: 70%; all companies: 57%)
  • Have deployed robotic process automation with positive ROI (banks: 62%; insurance companies: 64%; all financial services companies: 63%; all companies: 50%)
  • Have deployed natural language processing with positive ROI (banks: 66%; insurance companies: 70%; all financial services companies: 69%; all companies: 61%)

But in other areas, results are in line with other industries—or even behind the curve:

  • Have been very or extremely effective using technology to advance strategy (66% vs. 66%)
  • Have a 6%+ positive impact from digital transformation on profitability or performance over the past 24 months (51% vs. 57%)

Financial services companies are proactively progressing against strategy more than companies as a whole in several areas, with significant differences between banks and insurance companies:

  • Cyber security (banks: 60%; insurance companies: 47%; all financial services companies: 51%; all companies: 42%)
  • Digital transformation (banks: 39%; insurance companies: 49%; all financial services companies: 46%; all companies: 44%)
  • Cloud (banks: 56%; insurance banks: 52%; all financial services companies: 52%; all companies: 48%)

But again, with mixed results in others:

  • Artificial intelligence and automation (banks: 46%; insurance companies: 37%; all financial services companies: 39%; all companies: 40%)
  • Data and analytics (banks: 44%; insurance companies: 38%; all financial services companies: 39%; all companies: 51%)

Dive into our thinking:

Financial services industry insights

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Infographic: Financial Services industry insights

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This is Speed to Modern Technology

Our 15,000+ technology professionals have a wide range of specialties, from AI to analytics and 5G to blockchain. But they’re all dedicated to just one thing: helping technology leaders succeed by accelerating their transformation efforts — starting now.

Meet our team

Accelerating business transformation requires speed of insights and deep expertise.

Our professionals immerse themselves in your organization, applying industry knowledge and innovative technology to deliver sustainable results. Whether it’s helping you lead an ESG integration, risk mitigation, or digital transformation, KPMG creates tailored, data-driven solutions that help you deliver value, drive innovation, and build stakeholder trust.

Image of Kevin Martelli
Kevin Martelli
Principal, Lighthouse, KPMG US

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