The survey was conducted by global risk adviser Willis and included responses from executives at 150 banks, insurers, reinsurers, asset managers, hedge funds and financial technology companies around the globe. It found IT cost concerns surpassed those on regulation or cyberattacks. Specifically, CFOs indicated worry about investing in IT systems as their organizations aim to compete with newcomers who may be more adept to handling more advanced, new technology.
According to Reuters, banks and insurers have generally been slow to respond to new technology, giving more responsive newcomers a greater opportunity to gain market share.
The next highest worry was regulation, the survey found, followed by new security risks resulting from increasingly widespread use of technology. Macroeconomic concerns, such as the impact of quantitative easing, was the only larger source of worry for financial executives who responded to the survey.
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