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The financial services sector faces multiple challenges but those with effective digital transformation strategies are gaining competitive advantages. Based on insights from 612 financial services technology leaders (representing organizations with annual revenues above US$1bn in more than 20 countries), the KPMG global tech report: Financial services insights report highlights both opportunities and challenges in the industry.

"This report reveals that the financial services sector is most likely to generate profit from its AI investments. However, to stay ahead of the game, financial services companies should move beyond siloed, short-sighted tactics. This will likely involve adopting multiple advanced technologies, in addition to addressing legacy solutions, to ensure enterprise-wide compatibility. A simplified, modernised architecture that reduces complexity and transforms the end-to-end customer experience should be the goal," said Karim Haji, Global Head of Financial Services at KPMG International.

Here are the report's key findings:

Risk management through innovation and AI

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