“At IDC Research Spain, we have found that 62% of financial services companies will extend the customer value chain beyond traditional services, with the aim of increasing their customer base,” confirms Juan García Morgado, Director of Analysis and Consulting at IDC Research Spain.
The IDC Financial Connection 2017 event yielded data that speaks volumes about the current landscape, such as the fact that only 35% of Spanish companies are prepared or have solid plans to comply with GDPR, 38.1% of financial institutions perceive fintech or insurtech as an additional collaboration opportunity rather than competitors, and 30% see PSD2 as a precursor to Open Banking, solely for regulatory compliance purposes.
IDC Research Spain also predicts that by 2020, 60% of these financial organizations will adopt Blockchain.
Fraud prevention and detection, and cybersecurity, are key to the digital transformation of the financial services industry.
Digital transformation is already having a significant impact on how banks and insurance companies manage their processes for improving user experience, the next generation of payments, corporate banking, digital trust, and agility and efficiency.
According to IDC Research Spain, 50% of corporations will use analytical monitoring of potential fraud transactions in 2018 and will adapt to regulatory compliance. Regarding cybersecurity, it is predicted that 80% of customers will abandon services due to security breaches, and 70% of entities will use artificial intelligence, also in 2018.
“Ultimately, if financial services companies want to increase their customer base, they must allocate at least 10% to 24% of their investment to digital transformation projects,” concludes Juan García Morgado.

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