Fintech Broadridge looks at digital transformation in financial services
Overview
Phronesis connected with global FinTech Broadridge as a strategic research partner on its 2025 Digital Transformation and Next-Gen Technology Study, which explores the current state of technology trends and digital transformation within financial services. This fifth annual study represents a snapshot of digital maturity across global firms; highlighting any shifts in the industry’s approach to emerging technology such as digital assets, AI, and cybersecurity.
Objective
The primary objective of the study was to understand the sentiment, reflections, and actions of over 500 financial services technology and operations leaders worldwide; looking at transformation roadmaps and exploring organizational approaches to data management, AI integration, and cybersecurity in financial services.
Broadridge hoped to enhance and optimize its flagship thought leadership initiative to:
- Increase brand awareness
- Improve engagement and credibility with potential buyers, media, and industry practitioners
- Develop enlightening, compelling and actionable insights that could be shared through a robust content program.
Solution
Phronesis used a range of research methods for this project, including initial desk research and stakeholder discussions feeding into the development of a quantitative survey questionnaire. This enabled us to align on key areas of enquiry with both Broadridge and its external content partner. We also gathered additional perspective and tested the research hypothesis with external SMEs.
In contrast to previous years, in which business leaders were asked only to self-assess their levels of digital maturity, Phronesis recommended adding an additional layer of data with questions linked to the functional use of specific technologies. This gave a much clearer picture of how far advanced firms actually were in their digital journey.
Quantitative research was undertaken with C-suite and senior-level executives across wealth, asset management, and capital markets, followed by qualitative interviews with representative business leaders from within these segments to generate deeper insights.
We analyzed all research findings and presented these to the Broadridge team, identifying and workshopping key themes and takeaways and helping to construct a narrative for the final report, which was produced by Broadridge’s content partner.
Results
The study revealed several notable insights:
- Data harmonization: Firms are focusing on creating a single source of truth for data, emphasizing the need for a seamless data management strategy to unlock new opportunities and eliminate data silos.
- Increased tech spends: There is a clear increase in technology budgets, with a significant portion allocated to fintech innovation, particularly in AI and cybersecurity. Upgrading legacy technology is a key driver in tech spend uplifts.
- Operational resilience: Despite dedicated investment in cybersecurity, many firms are uncertain about their recovery times following a cyberattack and their level of preparation for regulatory changes.
- Customer experience: Lack of data integration in financial services is making it a challenge for firms to maximize the opportunity of personalized customer journeys. While there is some hesitancy around the adoption of GenAI, more than a quarter of firms are doing so in order to improve customer experience.
Download the full report: The State of Transformation
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