Fast-tracking Digital Transformation Through Next-gen Technologies
Fast-tracking digital transformationthrough next-gen technologiesHow leading firms are accelerating growth
Digital transformation:Redefining opportunityTABLE OF CONTENTSDiscover how leading firms are improving the customer experience, creatingefficiencies and driving business growth through digital transformation.This extensive global Broadridge study explores thefinancial, operational and strategic benefits of digitaltransformation. It charts the progress of firms ofdifferent regions, sizes and sectors. And it details theapproaches firms take to successfully accelerate digitaltransformation across various use cases and focusareas, as well as their priorities for the future.This 2022 Broadridge Digital Transformation and Next-GenTechnology study builds on our 2021 Next-Gen Technologystudy. It takes a wider view of innovation in digitaltransformation, for more comprehensive insight into whatunderpins digital maturity and defines leadership, including:2 BROADRIDGE1. SETTING THE STAGE32. THE BUSINESS CASE63. DIFFERENCES BY FIRM SIZEAND REGION84. THE PATH FORWARD125. NEXT-GEN TECHNOLOGIES166. THE CHALLENGES FIRMS FACE187. ACCELERATING INNOVATION:DON’T GO IT ALONE208. ABOUT THE STUDY21WHAT SHOULD YOUR FIRM DO NEXT?Insights gleaned from interviews with C-levelexecutives from 750 firms worldwide will help yougain a robust view of: The value of innovation The drivers of digital maturity The progress of your peers Opportunities to accelerate your successTransformation of customerexperiences, workflows andprocesses, and use of dataand analyticsAdoption of next-gentechnologies, AI, blockchain,the Cloud and digital(The ABCDs of Innovation ) he strategicTand organizationalcomponents oftransformation
SE T T I N G T H E STAGEGlobal study breaks down opportunities across firmsof every size and stage of transformation.Broadridge partnered with Thoughtlab Group to conduct a robust phone-basedsurvey of senior executives from 750 firms globally.THE SAMPLE750 SENIOR EXECUTIVESFIRMS OF VARIOUS SIZES (ASSETS OR AUM) 65% C-suite 35% C-level-1 executives Representing APAC EMEA North America All with a solid understanding of the useof next-gen technologies at their firm 1B– 9.9B 10B– 49.9B 50B– 249.9B 250B– 499.9B 500B 10 SUB SECTORS IN FINANCIAL SERVICESAND HEALTHCARE Universal bank or full-service financial institution Broker-dealer Commercial or investment bank Hedge fund Insurance company Investment/asset manager includingmutual fund/ETF manager Private equity/private debt Wealth manager Retail bank Healthcare payer3 BROADRIDGE Table of contents See appendix research and sample detail
SE T T I N G T H E STAGEThe Broadridge Digital Transformation Maturity FrameworkBroadridge bases its Digital Transformation Maturity Framework on:1Progress in each of the three digitalfocus areasEXPERIENCES2Progress in developing the strategicand organizational components oftransformation3Level of implementation of keynext-gen technologies that underpindigital TransformationANALYTICS4 BROADRIDGE Table of contents ORGANIZATIONTHE CLOUD
SE T T I N G T H E STAGEOn this basis, the framework generates a Maturity Score for each firm, categorizing themas either Beginners, Implementers, Advancers or Leaders.Powerful datamanagement and analyticsfuel customer experiences,streamline workflows and guidestrategic decision-making.THE DIGITAL TRANSFORMATION MATURITY FRAMEWORK25% 25%29%INTERLOCKED REQUIREMENTS21%Percentage offirms surveyedwho reachedeach levelMaturity levelBEGINNERSIMPLEMENTERSADVANCERSLEADERSSee appendix for scoring methodology 5 BROADRIDGE Table of contents Seamless customerexperiences driveclient satisfaction andrevenue growth.Efficient back-endprocesses andworkflows underpincustomer experiencesand create operationalefficiencies.
THE BUSINE SS C A SEWhy is digital transformation so essential?Leaders report significant advantages. They are1.5 times more likely to report increased revenuesfrom digital transformation.DIGITAL TRANSFORMATION DRIVES PERFORMANCE IMPROVEMENTSACROSS THE CUSTOMER LIFE CYCLE.INCREASED REVENUEn Leadersn Non-leaders73%71%46%56%IN TWO YEARSNOWFirms also report improved return on digital investments as theyadvance in digital transformation.IMPROVED PROFITABILITY66%43%NOW BROADRIDGE “ We have streamlined a lot of internal systems to reduce long-termcosts and are also realizing incremental revenues, improvinginvestment performance and enhancing the customer experience.”51%IN TWO YEARSQ: H ow is a focus on digital transformation and next-gen technologies creating value for your company now,and how do you expect them to create value (or continue to create value) over the next two years?(Applies to both charts above.)6—CHIEF OPERATING OFFICER, COMMERCIAL OR INVESTMENT BANK, GERMANY—CHIEF INVESTMENT OFFICER, ASSET MANAGEMENT FIRM, U.S.n Leadersn Non-leaders51%“ With digital transformation, significant improvements havebeen made to fraud detection, customer loyalty, and trade andinvestment analysis for optimizing returns.”Table of contents “ Digital transformation, integrated into all aspects of operations,procedures, and strategy, has helped us to quickly identifycustomer needs and strengthen efficiency overall.”—CHIEF TECHNOLOGY OFFICER, INSURANCE COMPANY, BELGIUM
THE BUSINE SS C A SEAs firms advance in digital maturity, they often find that a focus on dataand analytics improves strategic decision-making.IMPROVED PLANNING AND DECISION-MAKINGn Leadersn Non-leaders62%45%NOW66%51%Leaders plan to increase the percentage of their overallannual IT budget devoted to digital transformation over thenext two years. Non-Leaders expect to increase their spendingon transformation to an even greater percentage as they striveto close the gap.AVERAGE % OF TOTAL IT BUDGET INVESTED IN DIGITALTRANSFORMATION AND NEXT-GEN TECHNOLOGY SOLUTIONSIN TWO YEARSn Leadersn Non-leadersQ: How is a focus on digital transformation and next-gen technologies creating value for your company now,and how do you expect them to create value (or continue to create value) over the next two years?NOWIN TWOYEARS9%12%12%14%Q: What percentage of your company’s total annual IT budget (including your central IT andenterprise-wide budgets) does your company currently invest in digital transformation andnext-gen technologies and solutions? What percentage do you expect to spend two years from now?7 BROADRIDGE Table of contents
D I F F E R E N C E S BY SIZE AND REGIO NA closer look at firm characteristicsuncovers key differences.SIZEAs expected, greater digital transformation maturity levels correlatewith larger firm size. However, firms of all sizes have an opportunityto transform their business models in the face of rapid change.During the pandemic, larger firms were also more likely to acceleratedigital transformation—further widening the maturity gap.BY SIZE(AUM or assets*)TOTAL ASSETS/ASSETS UNDER MANAGEMENT (AUM)*(% of firms at each maturity stage)n 5%Beginners 10B 10B to 49.9B*Total assets (sell side) and total assets under management (buy side) BROADRIDGE Table of contents 50 to 249.9B8%50% 50B to 249.9B11% 2% 250B53%34% 250B45%68%n Slower62%30%18%Advancers8n No impact13%42%43% 10B to 49.9B15%48%34% 10B18%Q: In your view, how has the pandemic affected your firm’s operating model and next-generationtechnology strategy?
D I F F E R E N C E S BY SIZE AND REGIO NSIZEFirms at all size tiers and maturity levels share the same top priorities.TOP FOUR DIGITAL TRANSFORMATION PRIORITIES(% of firms prioritizing these business activities or processes)Customer interaction74%TOP THREE DIGITALTRANSFORMATION PRIORITIES(% of firms prioritizing)n Leadersn Non-leaders77%NOWLeaders are more unified on citing these priorities among their top three.83%1-2 YEARS71%—CHIEF FINANCIAL OFFICER/FINANCIALDIRECTOR, HEDGE FUND, U.S.Customer interaction64%Operations69%NOW75%1-2 YEARS59%Sales and marketingSales and marketing62%68%NOW71% 62%1-2 YEARSOperationsStrategic planning43%51%NOW“ We are able to gain a360-degree perspective ofall customer interactionsacross all channels, allowingus to accelerate the shift to acustomer-centric operation.”“ We have been usingadvanced monitoring toolsand technology solutionsto track and understanda customer’s mindset sothat we can offer thempersonalized servicesaccording to their needs.”—CHIEF INFORMATION OFFICER,RETAIL BANK, CANADA1-2 YEARSQ: Which business activities and processes are you prioritizing for improvement through digital transformation now and which ones will you prioritize, or continue to prioritize over the next two years? Select all that apply.9 BROADRIDGE Table of contents
D I F F E R E N C E S BY SIZE AND REGIO NGEOGRAPHYThere is relative consistency in maturity across regions, thoughAsia Pacific has a higher percentage of firms in the later stagesof digital transformation.A shift may be coming, however. A higher percentage of firms inNorth America report that they are accelerating the pace of change.PACE OF IMPLEMENTATIONDIGITAL TRANSFORMATION MATURITY LEVELS(% of firms)n Fastern No 8%24%21%25%North AmericaEMEAAsia PacificAllLeadersNorthAmerica8%n plementersBeginnersQ. In your view, how has the pandemic affected your firm’s operating model and next generation technologystrategy? Pace of change10 BROADRIDGE Table of contents
D I F F E R E N C E S BY SIZE AND REGIO NSECTORFirms vary widely in digital maturity level by sector.41%LeadersAdvancersInvestment andasset managershave the highestpercentage ofLeaders and lowestpercentage ofBeginners.32%40%Universal banksand full-servicefinancial institutionsare a close second.Two-fifths haveachieved Leaderstatus.30%21%28%Broker-dealersare split nearlyevenly betweenBeginners/Implementers aniesare spread acrossmaturity levels.13%28%30%Wealth managersinclude few digitaltransformationLeaders and onethird are rs26%33%26%11%15%Hedge fundshave the highestconcentration ofImplementers.Less than half havereached Advanceror Leader status.40%15%Private equity andprivate debt firmsare most concentratedin the Implementer/Advancer levels.17%37%28%15%9%BeginnersCommercial andinvestment bankshave the highestconcentration ofAdvancers.21%Implementers18%20%17%Retail banksare mostly althcare payershave very few digitaltransformationLeaders. Mostare Beginners.32%24%Note: Numbers per sector may not add to 100% due to rounding.11 BROADRIDGE Table of contents
THE PAT H FORWA RDHow will your firm capitalizeon the benefits of digital transformation?The roadmap should include a strategy for driving the three key areas of digital transformation(Experiences, Workflows and Analytics), and the activities that underpin them.EXPERIENCESFirms are advancing rapidly in digitalizing communications and customer experiences, with more than half of Leadersand Non-leaders already at the mid to advanced stages of implementation.PROGRESS IN KEY ACTIVITIES UNDERPINNING DIGITAL TRANSFORMATION OF CUSTOMER EXPERIENCE(% of firms)n Leaders, mid-implementationn Non-leaders, mid-implementationn Leaders, advanced implementation73%Shift from paper todigital communicationsSeamless, omni-channelclient experiencesacross devices29%Digital interactivedocuments with sections50% 49%that customers can customizeto better understandtheir communications12 BROADRIDGE 76%26%71%Table of contents n Non-leaders, advanced implementation53%19%Micro-personalizedmarketing andcommunications18%Data-driven continuousimprovement of clientexperiences22%36%9%74%35%38%41%54%HOW DO YOU DEFINE PAPERLESS?Many organizations have ambitionsof shifting their entire customer basefrom paper to digital communications;however, the value proposition for thecustomer to do so is often lacking. Toaccelerate adoption, revisit the digitalcommunications experience.38%14%Q: How much enterprise-wide progress has your company made in thefollowing areas of digital transformation and how much progress do youexpect to make in two years? Rank each element by implementation stage.“ Interactive documents and personalizedcommunications play a key role inimproving the customer experience.”—CHIEF MARKETING OFFICERINSURANCE COMPANY, CHINA
THE PAT H FORWA RDCRAFTING EFFECTIVE COMMUNICATIONSAcross paper and digital communications, firms feel that personalization is most importantto their customers.WHAT FIRMS BELIEVE MATTERS MOST TO CUSTOMERS WHEN IT COMESTO THE COMMUNICATIONS THEY SEND (% of firms)MICRO-PERSONALIZED MARKETING ANDCOMMUNICATIONS UNIQUE TO EACH USER(% of firms at each stage of implementation)n Leadersn Non-leaders47%32%1. Personalizing the experienceMost leaders are in the later stages ofimplementing micro-personalizationcapabilities.n Not consideringn Planning stagen Early implementationn Mid-implementationn Advanced implementation4. Communicating how you areprotecting their data and privacy11% 15%LEADERS9%38%2. Providing relevant content17% 26%5. Letting customers choose howto receive their communications14% 19%36%10% 8%53%3. Delivering engagingcommunicationsNON-LEADERSQ: When it comes to the print and/or digital customer communicationsyou send, which of the following do you think is the most importantto customers? (Choose one)In another Broadridge study, 3,000 consumers in North America cited that companiesusing plain language (49%) was most important to them, followed by companiesproviding relevant content (42%), and summarizing the most important itemsto know (42%).0% / 1%9%34%19%2%“ We have adopted a data-centric approachthat incorporates the use of machinelearning to provide hyper-personalizedsolutions to our customers.”—CHIEF FINANCIAL OFFICER/FINANCIAL DIRECTOR,WEALTH MANAGER, U.S.13 BROADRIDGE Table of contents
TH E PAT H FO RWA RDWORKFLOWSIncreased transaction volumes, the growing complexity of regulatoryrequirements and the drive for efficiencies make workflow digitizationand automation essential. Leaders recognize this: More than 90%are in the later stages of workflow digitization. Yet, legacy systemscontinue to inhibit transformation, and many manual and paper-basedprocesses still remain for both Leaders and Non-leaders alike.PROGRESS IN KEY ACTIVITIES UNDERPINNING DIGITAL TRANSFORMATION OF WORKFLOWS(% of firms)n Leaders, mid-implementationn Non-leaders, mid-implementationn Leaders, advanced implementation64%Digitized processes anduse of data to improveprocess efficiency35%56%44%17%68%32%Modern IT platformn Non-leaders, advanced implementation54%11%Automation throughRobotic Process Automation(RPA) where possibleUse of AI andmachine learning forintelligent automation42%36%6%44%56%48%5%Q: How much enterprise-wide progress has your company made in the following areas of digital transformation and how much progress do you expectto make in two years?CASE IN POINT: MACHINE LEARNING APPLIED TO RECONCILIATIONSFirms often grapple with time-consuming and manual reconciliation of transactional and customer data. Usingmachine learning, it’s possible to increase match-rate performance, reduce the time and cost of managing breaksand achieve a significant decrease in manual effort.14 BROADRIDGE Table of contents “ We can now automate complex workflowsacross multiple applications very quickly andprovide rapid support to meet customer needs.”—HEAD OF BUSINESS UNIT/DIVISION,COMMERCIAL OR INVESTMENT BANK, CHINA
THE PAT H FORWA RDDATA ANDANALYTICSAdvanced use of digitized data and analytics is fundamental to all aspectsof digital transformation. It fuels strategic decision-making, helping toidentify risks and opportunities, as well as ways to optimize processesacross the front, middle and back office and enhance customer journeys.More than 90% of Leaders have reached the later stages of implementation of data andanalytics but Non-leaders lag in this key capability.PROGRESS IN KEY ACTIVITIES UNDERPINNING DIGITAL TRANSFORMATION OF DATA AND ANALYTICS(% of firms) n Leaders, mid-implementationn Non-leaders, mid-implementationn Leaders, advanced implementationn Non-leaders, advanced implementation71%Centralized data platformwith access to data acrossbusiness departments28%59%Advanced procedures to34%handle ethical and regulatoryaspects of data management46%12%Adoption of advancedsystems and tools fordata security and privacy36%HOW CAN NON-LEADERS BRIDGE THE GAP TOACCELERATE TRANSFORMATION AND CATCH UP?Data management and analysis is one of the mostchallenging aspects of enterprise-wide digitaltransformation. Most firms turn to external providersto gain access to specialized expertise, resources andvisualization tools.USE OF EXTERNAL PROVIDERSFOR DATA AND ANALYTICSn Mostly external providersn Mostly build in-house58%20%31%11%36%17%Use of a wide rangeof internal and externaldata sets31%71%23%22%32%32%48%46%64%28%14%NOWUse of data visualizationand dashboardsn Roughly equal27%11%Use of data for predictive 38%analytics and otheradvanced forms of analysisQ: Approximately what percentage of solutions in each area ofdigital transformation do you develop in-house vs. using externaltechnology providers?53%23%IN TWO YEARS14%CASE IN POINT: DATA MANAGEMENTQ: How much enterprise-wide progress has your company made in the following areas of digital transformation, and how much progress do you expectto make in two years?“ Tracking the user journey and using historical data, we offer new and customized products—CHIEF INFORMATION OFFICER, RETAIL BANK, CANADAand services to our customers.”15 BROADRIDGE Table of contents New software products are helping firmstransform their business performance. Byharnessing vast amounts of data and employingmachine learning, they can help to predictclient needs and create more personalizedand customized client experiences.
N E XT- G E N T ECHNOLOGIE SFirms are increasingly turning to AI, blockchainand the Cloud to drive their digital transformation.Within two years, more than two-thirds of firms expect to achievemid to advanced implementation across all three technologies.This marks a major leap forward since our last annual survey.PROGRESS IN IMPLEMENTING NEXT-GEN TECHNOLOGIES (mid or advanced)n Last yearn Nown Next yearAIBLOCKCHAIN78%69%61%37%25%16 BROADRIDGE15% Table of contents THE CLOUD78% 80%91%
N E XT- G E N T ECHNOLOGIE SLeaders have all reached the later stages of implementation for AI andthe Cloud. Four in five Leaders have advanced this far with blockchainas well. However, most Non-leaders have not reached these laterstages—and don’t expect to within the next two years.PROGRESS IN IMPLEMENTING NEXT-GEN TECHNOLOGIES:LEADERS VS. NON-LEADERS (mid or advanced)n Leadersn Non-leaders100%100%72%51%IN TWO YEARSNOWAI93%79%63%27%BLOCKCHAININ TWO YEARSNOW100%75%NOWTHE CLOUD17 BROADRIDGE Table of contents 100%89%IN TWO YEARS
THE C H A LLE NGE S COMPANIE S FACEDigital transformation is not a journey with a start,middle and end. It is an ongoing process.Firms must continually evolve their business models and value propositions with next-gen technologies.But this requires a culture of innovation that enables rapid adaptation.TECHNOLOGICAL CHANGEIMPACT OF THE PACE OF TECHNOLOGICAL CHANGEKeeping up with technological change is the most frequently citeddigital transformation challenge. The pace of that change is only goingto increase. Advances in AI are leading to a new generation of morepowerful solutions. The rise of quantum computing could also drivea new wave of opportunities we cannot yet imagine. Firms requirea clear and adaptable strategy to keep up with these trends.n Leadersn Non-leadersThe pace of technologicalchange makes it hard forour staff to keep up42%26%LEADERSNON-LEADERSQ: Which are the biggest challenges in achieving your digital transformation and implementing next-gentechnologies at your company? Select up to three.THE BENEFITS OF MUTUALIZATIONAs financial firms digitally reinvent their businessesand move to modernize their core operations, many lookto mutualization* of critical but non-differentiating functions.This allows them to reduce costs and overall transformationrisks, accelerating time-to-market. It also frees up managementattention and other critical resources that can be devotedto other core needs.*Mutualization is an approach through which participants share in the benefitsof an industry solution provided by a reliable, trusted and independent third party.This allows participants to quickly gain access to new technologies, scalabilityand resilience while saving time, money and risk.18 BROADRIDGE Table of contents MY FIRM SEEKS TO MUTUALIZE CRITICAL BUT NON-DIFFERENTIATING FUNCTIONS(% who agree by maturity adersQ:. My firm seeks to mutualize critical but non-differentiating functions, such as back-office processing or regulatory reporting, to reducecosts and risks. This means wherever possible using industry solutions and platforms provided by independent third parties.
THE C H A LLE NGE S COMPANIE S FACETALENT AND CULTUREINFRASTRUCTURE AND ROADMAPEffective digital transformation requires more than just next-gen technologies. Firms needthe right talent, mindset and culture. This starts with a consistent digital vision and roadmap,and a robust talent acquisition strategy.The top challenges among Beginners arefunding digital transformation, modernizinginfrastructure and lacking a roadmapfor innovation.PROGRESS IN SUPPORTING TRANSFORMATION THROUGH TALENT, MINDSET AND CULTURE(% of firms achieving mid to advanced implementation)TOP CHALLENGES TO DIGITALTRANSFORMATION FOR BEGINNERSClear digitalvision andimplementationroadmap70%Effective acquisition,retention, anddevelopmentstrategy fordigital talent59%Skills andcapabilitiesaround agileworking methodsCulture ofcontinuousinnovation63%Defined roles,including singleexecutive/teamto head digitaltransformation61%54%Digital centerof excellenceor start-upincubator tofoster innovation43%BeginnersInsufficient budget to investin transformationBeginnersStruggling to modernizeIT infrastructure41%36%Q: How much enterprise-wide progress has your company made in the following areas of digital transformation?ECOSYSTEM BENEFITSFirms with insufficient resources for an internal center of excellence or internal innovation function can benefitby leveraging the wider ecosystem of Fintech providers. This approach offers a reliable source of innovativesolutions and platforms built on next-gen technologies.Even firms with mature internal innovation functions frequently benefit from the outside thinking and innovativenew products and platforms Fintechs can provide.19 BROADRIDGE Table of contents BeginnersLacking a roadmapfor innovation31%
ACCE LE R AT I N G IN NOVAT ION: DON’ T GO I T ALONEForward-thinking firms recognize theycannot innovate quickly enough on their own.Instead, they leverage networks offered by the wider Fintech ecosystem.Broadridge can help.Broadridge helps clients accelerate digital transformation. We do thisfrom our vantage point at the center of financial services, deliveringthe value of our network, including data, a range of innovativesolutions and our expertise. This helps clients mutualize the costsand risks of innovation and feel confident about the future.Let’s talk. Broadridge can help you increase the paceof your digital transformation and enhance your businesswith next-gen technologies.To find out more n FURTHERREADING20 BROADRIDGEThe Broadridge 2021 Next-GenTechnology Survey Table of contents Future ofOperations Paper
A B OU T T H IS ST U DYAbout the research and survey sampleTo understand how financial services companies are digitally transforming andadopting AI, blockchain, and Cloud technologies, Thoughtlab Group conducteda comprehensive CATI survey (computer assisted telephone interviews) onbehalf of Broadridge in September to November 2021 of senior executivesat 750 companies in 10 financial sub sectors across 18 countries.RESPONDENTS BY TITLE35%19%15%12%10%7%Head of Business UnitThe respondents were primarily C-level (65%) and included the CEO, COO, CFOand CIO, as well as other executives with a perspective on the use of next-gentechnologies. Respondents were screened to ensure that they had sufficientknowledge of the use of these technologies in their firms.Chief Marketing/ConsumerThe total assets (sell side) or AUM (buy side) of companies in the sample rangedfrom 1 billion to over 500 billion.The survey examined next-generation technology investments and performanceresults and included questions to allow Thoughtlab Group economists to developa maturity framework.CEO/MD/COOCIO/CTO/CDOCFOChief Strategy/Innovation2%Chief Investment OfficerRESPONDENTS BY SUB SECTOR11%11%Broker-DealerUniversal Banks21 BROADRIDGE Table of contents 11%Banks11%Asset Manager11%Wealth Manager11%Hedge Funds11%Private Equity11%Insurance7% 5%RetailBankHealthcarePayer
A B OU T T H IS ST U DYRespondent profileCOUNTRIESRESPONDENTS BY REGIONINDUSTRY SECTORSAsia Pacific25%Universal ong Kong SAR4%Asset manager11%Japan6%Wealth manager11%Singapore4%Hedge funds11%Private equity11%Insurance11%Retail bank7%Healthcare tzerland3%UK4%North America47%Canada9%US22 38%BROADRIDGE Table of contents INDUSTRY SECTOR COMPOSITIONUniversal bank: Full-service financialinstitutionsBanks: Commercial and investment banksInsurance firms: Range of typesAsset manager: Institutional assetmanagement firms and those producingmutual funds and ETFsWealth manager: Family offices,financial advisory firms, registeredfinancial advisors, private banks, wealthmanagement arms of universal banksPrivate equity: Private equity firmsand private debtHedge fund: Range of typesRetail bank: Direct to consumer basicbanking servicesHealthcare payer: Entities that payfor healthcare services renderedNorthAmerica47%EMEA28%AsiaPacific25%FIRMS BY ASSET/AUM SIZE15%20%9%n 1B– 4.9Bn 5B– 24.9Bn 25B– 99.9B29%27%n 100B– 499.9Bn 500B
A B OU T T H IS ST U DYThe Broadridge Digital Transformation Maturity FrameworkRespondents were asked to report their progress toward achieving 24 different digital-transformationcompetencies across six categories. Their responses were then weighted to assign each firm anoverall maturity level: Beginner, Implementer, Advancer or Leader.PROGRESS IMPLEMENTATION STAGESTHE DIGITAL TRANSFORMATION MATURITY FRAMEWORK SCORING CRITERIAFOCUS AREAS60%Digitized communications and client experiences 20% Shift from paper to digital Seamless omni-channel client experiences Digital interactive documents with sections thatcustomers can customize to better understandtheir communications Micro-personalized marketing and communications Data-driven continuous improvementof client experiencesDigitized processes and work experiences Process digitization Modern IT platform Robotic process automation (RPA) AI/machine learning for intelligent automation16%Data and analytics24% Centralized data platform Advanced procedures for data-management compliance Use of data visualization Advanced tools for data security and privacy Broad usage of internal and external data Use of predictive analyticsRespondents selected one of four stages*to indicate their progress toward eachcompetency.UNDERLYING CAPABILITIES40%Organizational Acquisition and retention of digital talent Digital skills development Defined roles for managing transformation10%Strategic Culture of continuous innovation Vision and implementation roadmap Digital center of excellence10%2. Early implementation stageConducting pilots, starting to implementplans and using a few simple applicationsTechnological AI Blockchain The Cloud20%3. Mid-implementation stageUsing in key parts of the business, startingto scale applications across the enterprise,seeing some performance gains1. Planning stageDeveloping plans, building internalsupport and a business case4. Advanced implementation stageMultiple use cases, moving towardenterprise-wide adoption, drivingmajor performance gains andbusiness transformationOr not considering/not applicable*23 BROADRIDGE Table of contents
To scan, simply open the cameraapp on your mobile device and pointthe camera at the QR code.Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with 5 billion in revenues, provides the critical infrastructure that powersinvesting, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drivebusiness transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge’s infrastructure serves asa global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millionsof individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more thanU.S. 9 trillion of equities, fixed income and other securities globally.broadridge.com 2022 Broadridge Financial Solutions, Inc., Broadridge and the Broadridgelogo are registered trademarks of Broadridge Financial Solutions, Inc.EN 00036 EB 22
5. NEXT-GEN TECHNOLOGIES 16 6. THE CHALLENGES FIRMS FACE 18 7. ACCELERATING INNOVATION: DON'T GO IT ALONE 20 8. ABOUT THE STUDY 21 TABLE OF CONTENTS 2 BROADRIDGE This 2022 Broadridge Digital Transformation and Next-Gen Technology study builds on our 2021 Next-Gen Technology study. It takes a wider view of innovation in digital
The transformation of industries into digital industries can present major challenges in terms of security and regulatory pressures. Digital ransformation is t primarily a business objective. . Digital Transformation in Industry White Paper IIC Approach to Digital Transformation - 6 - A distinguishing aspect of d igital transformation in .
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Realizing the digital promise ey enablers for digital transformation in financial services 3 Introduction Digital transformation is no longer just a "nice to have." Neither is it entirely about technology. For financial institutions (FIs), digital transformation is also about improving the customer experience, employee experience, and business
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digital transformation enables countries to adapt and to use digital effectively, systematically, sustainably, and in a way that promotes social cohesion instead of fomenting divides. Without intentional efforts to uphold rights, digital transformation can . Society Digital Transformation Framework (see Figure 1) sets out the most important
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