Only 21% of UK Financial Firms Automate Regulatory Compliance, Survey Says
A survey by software vendor InterSystems has indicated that over a third (34%) of IT decision -makers in the UK financial sector believe that major pieces of financial services legislation such as PSD2, MiFID and FRTB are key driver of innovation within financial services.
Meanwhile, less than a quarter of decision-makers (24%) regard such regulations as a hindrance. The InterSystems survey also found that 20% of these decision-makers believe their organisation is very well prepared for the roll-out of the new regulations.
Automation levels within the financial sector – a key driver of innovation – remain low, according to the survey. Less than 21% of financial firms reported that they had automated all the processes involved in meeting regulatory standards. 33% said they had not automated them at all.
More positively, the survey indicates that IT decision-makers across this sector are aware of what needs to be done to change this. Nearly two thirds (66%) said that they expect innovative technology will have an important role to play in ensuring regulatory compliance for financial services businesses over the next five years.