2023 KPMG US Financial Services Sector Insights Report
Senior technology executives in the financial services sector are almost unanimously convinced their organizations will be able to meet their efficiency and cost-cutting goals using their existing technology platforms.
Meticulously Ambitious
In May and June 2023, KPMG surveyed 400 US-based executive-level technology leaders across 8 industry sectors with annual revenue above $100 million. The 2023 KPMG US Technology Survey Report explored technology leader views on emerging technology goals, adoption, scale, roadmaps and outcomes. This financial services industry report highlights the most significant differences in the survey findings for the technology leaders in the financial services sector relative to all sectors represented in the survey.
Dive into our thinking
2023 KPMG US Financial Services Sector Insights Report
Download PDFKey findings
Financial services firms tend to be confident users of digital technologies. The KPMG 2023 US Technology Survey reveals that senior technology executives in the financial services sector are almost unanimously convinced their organizations will be able to meet their efficiency and cost-cutting goals using their existing technology platforms. They also are more likely than executives in other sectors to say investments in public cloud and anything-as-a-service (XaaS) technologies have improved their organizations’ data management and integration capabilities.
Still, our findings suggest financial services executives are far from satisfied. They are eager to become faster at delivering customer service and more often than their peers in other sectors, they want technology to drive further process improvements across their businesses.
- Financial services executives are more convinced than executives in most other industries that 5G will be important to their efforts. Forty-one percent identify 5G as important, versus 30 percent of all executives surveyed.
- 46 percent of financial services executives say their organization is prioritizing AI/ML because of its proven return on investment. But even more—57 percent—say they’re doing it because leaders in their market have already adopted the technology, suggesting that many of them are playing catch-up on this front
- While they may be playing catch up with AI, financial services firms appear to be ahead of the game in taking advantage of AR and VR, with 30 percent of tech executives in the sector saying their business is prioritizing those technologies based on in-house trials and analysis, versus only 26 percent of all executives interviewed.
- Financial services executives also are slightly more likely than others to agree that long-term contracts with vendors limit their organization’s ability to invest in new technologies. 64 percent “agree” or “strongly agree” that this is the case versus 55 percent of all executives surveyed.
2023 KPMG US Technology Survey Report
A lot of financial services firms are struggling to determine how they can adopt these technologies while aligning with any regulatory constraints that might be coming down the road.
Kevin Martelli
Principal and National Technology Cloud AI/ML Engineering Lead, KPMG in the US
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