Most financial businesses in the UK worry about the effects of disruption

More than three quarters (78 percent) of financial organizations in the UK worry about what digital disruption can do to their industry, according to a new Fujitsu report.

The company claims this makes the financial industry the most concerned one, compared with retail, public and manufacturing, and utility sectors.

The report, entitled Digital: Co-creation in the Age of Disruption, says most C-suite execs (80 percent) see digital disruption as an exciting opportunity, with 92 percent thinking they need to evolve to stay relevant.

Even though the majority seems positively excited about digital disruption, 56 percent believe their business will not exist in its current form in five years’ time.

Almost two thirds (63 percent) of financial services firms say digital disruption has already fundamentally changed the way they operate -- 52 percent claim an increase in innovation and a faster pace of change.

Almost half (48 percent) say there is increased competition for talent. Competitors and customers are the biggest drivers behind digital disruption.

"Digital -- and specifically the need to use digital technology to improve service offerings and drive revenue - is now a pillar of business strategy in the financial services industry. Both the challenge and potential of digital touches all parts of a company’s business," says Mike Foster, managing director, Financial Services, UK and Ireland, Fujitsu. "There is a substantial opportunity to embrace the notion of becoming more digitally disruptive. Our research underscores that 96 percent of financial services organizations have already taken measures to thrive in a digitally disrupted world."

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