All UK banks now have digital transformation strategies, says GFT survey

A new survey from IT consultancy GFT has found that every bank in the United Kingdom has set up a digital transformation strategy.

285 professionals from small to large finance companies from around the globe were interviewed for the research, with Switzerland joining the UK in having a 100% record for the implementation of digital transformation plans.

It revealed that AI is the main driver behind the change, with 83% of respondents recognising its importance to the banking industry over the next decade.

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Satisfying customer expectations is also a key component of long-term strategies, with customers having more options than ever when it comes to their personal and business banking.

"If we look at the UK retail banking market as a whole, the customer is very much at the centre of most digital transformation projects," said Christian Ball, head of retail banking at GFT.

"It’s encouraging to see so many UK banks embracing new ways of working and recognising the increasing importance of these new technologies.

"As systems, skills and technologies develop, we’re looking forward to seeing even more examples of successful digital transformation projects in the market."