Broadridge: APAC Confident as Digital Leader
Financial institutions in the Asia Pacific region are confident in their digital transformation efforts, according to a Broadridge report, though they lag global peers slightly when it comes to generative artificial intelligence.
When asked to assess their own digital maturity, financial institutions in Asia rated themselves highly across various areas operationally compared to their global peers.
According to Broadridge’s fifth annual «Digital Transformation & Next-Gen Technology Study», APAC's responses illustrated a lead in terms of risk assessment and mitigation in asset management (56 percent versus 41 globally). The region was also confident with regards to tech and data management in wealth management (43 percent versus 34 percent globally).
Asia is also making inroads in digital assets with 43 percent believing it will improve operational efficiency and 72 percent of firms making moderate to large crypto investments compared to the global average of 33 percent and 64 percent, respectively.
GenAI and Regulations
However, there are areas where Asia lags such as the usage of generative artificial intelligence (genAI) at just 65 percent, mostly for investment or market research, compared to 67 percent.
Advancements in technology have also been hindered by regulatory concerns. 43 percent of firms in the region agree that regulations have limited their ability to use customer data meaningfully for analysis or AI models while only 20 percent believe that blockchain transactions are sufficiently regulated.
The study was based on a survey with more than 500 respondents globally, including 25 percent in APAC, 26 percent in Europe and 49 percent in North America, with average assets under management of $83 billion.
