Financial Services Industry Survey 2022 - Priorities for the year ahead

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* 1. Coming into 2022, how do you rate the current progress of your digital transformation program?

We’re well advanced in our digitalisation program with a strong innovation springboard for 2022

We’ve made good progress, but there are a few lingering legacy manual processes to work on

We’ve achieved some digital transformation milestones, but there's still significant room for improvement

Well behind where we’d like to be in our digital transformation roadmap

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* 2. What are your digital priorities for the year ahead? (Select top three)

Upgrading legacy core infrastructure

Real-time data analytics and data sharing capability

Securing partnerships with capable fintechs and other external tech innovators

Open Banking adoption and product development

Front-end or customer experience (CX) innovation; new digital interaction platforms

Boosting cybersecurity capability and practice to protect our digital assets

Implementation of automation and AI technologies

Advancing cloud (and multi-cloud) adoption and adaptation

Digital marketing and growing social media presence/capability

Other (please specify)

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* 3. Where would you like to see more investment in your digital program? (Select top three)

More access to digital collaboration and knowledge-sharing tools

Boosting data science and analytics capabilities

More automation and better use of AI/ML technologies

Personalisation of customer services

Advancements in payments infrastructure

APIs and leveraging capabilities of digital partnerships

Overhauling legacy core infrastructure

Innovative customer experience (CX) and front-end platforms

Acquiring and upskilling more digital innovation/tech professionals

Development of and use cases for blockchain technologies

Internet of things (IoT)/sensor technologies

New (digital-ready) product development

Other (please specify)

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* 4. On the scale below, rate your organisation's current (customer-focused) capabilities in your:

	Weak	Some progress	Moderate	Strong	Exceptional	N/A
Range of Open Banking product offerings	Range of Open Banking product offerings Weak	Range of Open Banking product offerings Some progress	Range of Open Banking product offerings Moderate	Range of Open Banking product offerings Strong	Range of Open Banking product offerings Exceptional	Range of Open Banking product offerings N/A
Mobile banking platform	Mobile banking platform Weak	Mobile banking platform Some progress	Mobile banking platform Moderate	Mobile banking platform Strong	Mobile banking platform Exceptional	Mobile banking platform N/A
Automated service nudges (e.g. prompts to pay bills)	Automated service nudges (e.g. prompts to pay bills) Weak	Automated service nudges (e.g. prompts to pay bills) Some progress	Automated service nudges (e.g. prompts to pay bills) Moderate	Automated service nudges (e.g. prompts to pay bills) Strong	Automated service nudges (e.g. prompts to pay bills) Exceptional	Automated service nudges (e.g. prompts to pay bills) N/A
Self-service options	Self-service options Weak	Self-service options Some progress	Self-service options Moderate	Self-service options Strong	Self-service options Exceptional	Self-service options N/A
Chatbots	Chatbots Weak	Chatbots Some progress	Chatbots Moderate	Chatbots Strong	Chatbots Exceptional	Chatbots N/A
Ease of digital account opening	Ease of digital account opening Weak	Ease of digital account opening Some progress	Ease of digital account opening Moderate	Ease of digital account opening Strong	Ease of digital account opening Exceptional	Ease of digital account opening N/A
Real-time financial management dashboards	Real-time financial management dashboards Weak	Real-time financial management dashboards Some progress	Real-time financial management dashboards Moderate	Real-time financial management dashboards Strong	Real-time financial management dashboards Exceptional	Real-time financial management dashboards N/A
Personalised product tailoring (e.g. personalised loan options)	Personalised product tailoring (e.g. personalised loan options) Weak	Personalised product tailoring (e.g. personalised loan options) Some progress	Personalised product tailoring (e.g. personalised loan options) Moderate	Personalised product tailoring (e.g. personalised loan options) Strong	Personalised product tailoring (e.g. personalised loan options) Exceptional	Personalised product tailoring (e.g. personalised loan options) N/A
Peer-to-peer payments	Peer-to-peer payments Weak	Peer-to-peer payments Some progress	Peer-to-peer payments Moderate	Peer-to-peer payments Strong	Peer-to-peer payments Exceptional	Peer-to-peer payments N/A
Digital wallet	Digital wallet Weak	Digital wallet Some progress	Digital wallet Moderate	Digital wallet Strong	Digital wallet Exceptional	Digital wallet N/A
Location-based offerings	Location-based offerings Weak	Location-based offerings Some progress	Location-based offerings Moderate	Location-based offerings Strong	Location-based offerings Exceptional	Location-based offerings N/A
Robo advisory services	Robo advisory services Weak	Robo advisory services Some progress	Robo advisory services Moderate	Robo advisory services Strong	Robo advisory services Exceptional	Robo advisory services N/A

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* 5. How prepared was your business for the latest (2022) Covid outbreak and potential lockdowns?

Well prepared. Our systems, operations and processes were well equipped for any potential lockdowns

Reasonably well prepared. A few snags, but productivity losses will be minimal

Not particularly well prepared, but we’re coping

We’re struggling

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* 6. How is your organisation responding to the latest Omicron (Covid) surge?

Our company wants everyone back in the office immediately

We will delay our return to the office until Covid lockdowns ease and continue work from home (WFH) arrangements for all staff until then

We are working towards fully flexible work arrangements (WFH or in-office) and a safe return to the office ASAP

Staff are already free to choose their working arrangements (WFH or in-office). We already have in place fully flexible and safe work arrangements that will continue even after the Covid lockdowns ease

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* 7. How are you managing the reported talent shortfall in the tech and cybersecurity space?

We’re currently facing a dearth of tech talent. We’re looking to hire a range of technology professionals in the new year

We’re prioritising the upskilling of our existing workforce and have programs in place to do achieve this

We want to upskill our staff but don’t yet have sufficient programs in place to achieve this. We’re looking to external training partners

We’re not facing any present challenges with our supply of tech talent and are well equipped to deliver on our 2022 digital program

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* 8. What key digital skillsets/talents are you prioritising for 2022?

Data science and analytics experts

Cybersecurity and information security experts

CX and UX design experts

Programmers and software engineers

Open Banking specialists

Other (please specify)