53 percent of respondents described their digital transformation experience as “optimistic” or “accomplished.”
TORONTO : According to Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, “increased productivity and resulting lower costs” was the top area of improvement within their company as a result of digital transformation, according to its fourth annual survey on Canadian digital transformation. The majority of respondents (71%) stated that enhancing efficiency is the top priority for their technology spending in 2022, followed by boosting revenue (17%) and cutting expenses (16%). (12 percent ).

Results of the Broadridge Financial Solutions Digital Transformation Survey

“By 2021, Canadian financial services organisations will have found digital transformation to be critical in boosting efficiencies and driving down costs.” “The appropriate digital tools can help businesses better engage with and retain consumers, especially as customers increasingly anticipate and demand a cutting-edge, technology-driven experience,” said Michael Dignam, President of Broadridge Financial Solutions Canada.

“While digital transformation is an ongoing evolution, businesses are accelerating their adoption of technologies such as the Cloud, AI and Blockchain and finding significant business impact as a result.”Michael Dignam,

President of Broadridge Financial Solutions, Canada

When asked which traditional Canadian culinary dish best reflected their company’s experience with digital transformation in the previous year, 38 percent answered “Double Double,” indicating optimism, a little decrease from 44 percent in 2020 and 49 percent in 2019. Other typical Canadian meals that characterise firms’ experiences with digital transformation include “Hawaiian Pizza” (neutral, 24%), “Timbiebs Timbits” (unconvinced, 19%), “Poutine” (15%), and “Lay’s Cinnamon Bun Chips” (negative, 4 percent ).

Cloud technology continues to underpin Canadian innovation.
According to 56% of respondents, the cloud is still the digital technology having the greatest influence on business (up from 51 percent in 2020 and 41 percent in 2019). This was followed by AI (41 percent, up from 34 percent in 2020) and Blockchain (3 percent , down significantly from 15 percent in 2020).

When asked to rate their company’s digital transformation efforts, 53 percent rated themselves a “A” or “B,” down from 66 percent in 2020 and 64 percent in 2019. Forty-five percent of respondents assigned themselves a “C” or below, up from 33 percent in 2020 and 37 percent in 2019, indicating a loss of confidence among Canadian financial services enterprises as they digitally change their operations.

Despite the fact that there are still barriers to Canadian adoption, businesses are innovating in the area of digital transformation.
In 2021, “resources” will be the most significant barrier to digital transformation for businesses, followed by legacy technology and data analytics.

Despite the challenges that businesses face when it comes to digital transformation, many continue to pursue their technology objectives. When asked what their top goals for implementing new technologies were, 44 percent said “improving user experience,” along with consolidating/integrating multiple systems, modernising for regulatory or market trends, digitising for the future, and future-proofing their environment for a competitive advantage.

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