The financial services sector is the UK’s most technologically innovative business sector following the economic downturn, according to research from BT Global Services. 

A survey of board-level executives from large companies found that 92% of respondents in financial services indicated that they were investing in at least one of the listed technologies* – far more than respondents in other sectors such as retail, transport and logistics.

Despite reports to the contrary, many financial institutions did not feel that the recession had stifled their priorities towards spending on core technology requirements, and 52 % of financial institutions indicated that they were investing money in faster/more reliable network technology in order to maximise their recovery.

Total cost of ownership (TCO) savings of more than 50% were achieved through moving away from do-it-yourself network infrastructures and steering towards managed extranet services, according to the report.

Andy Nicholson, vice president global banking & financial markets at BT, said chief technology and chief investment officers are looking for ways to create “leaner, increasingly cost-efficient infrastructures without compromising their business models.

“This research highlights that in order to keep pace with changing business requirements and customer expectations CIOs, now more than ever, will need proven, reliable infrastructure providers, such as BT, to help them tackle their shifting network infrastructure needs.”

Sixty per cent of financial services companies were confident about their business prospects over the coming year. Financial institutions have also seen their technology investment priorities shift towards flexible working and tele/video conferencing solutions, with nearly half (46%) investing in flexible working technology and more than one third (38%) investing in tele/video conferencing technology.

“In spite of the economic downturn, sentiment within the financial industry is actually buoyant according to our research,” added Nicholson. “It is evident that the financial downturn has forced some changes, and not all of these are negative. Investing in technology to improve efficiency in their businesses will help financial institutions maximise profits when a full recovery has taken place.”

 * Network technology, outsourcing technology, tele/video conferencing, flexible working, sustainable/green technology, automated customer contact, cloud computing/SaaS technology.