A new report from GlobalLogic Inc., in partnership with FT Longitude, highlights a critical gap in the financial services sector: while firms are investing heavily in digital transformation, 80% risk lagging in business model innovation due to fragmented execution and a lack of unified strategy across technology, product, and compliance teams.
Surveying 750 senior business leaders, the study reveals that financial services firms struggle to translate technology investments into tangible business value and sustainable growth.
Key Findings:
Limited AI Adoption: Only 52% of firms have piloted Generative AI (GenAI) in a single function, indicating slow enterprise-wide adoption.
Siloed Innovation: Less than half (46%) form cross-functional teams at the start of innovation projects, dropping to 33% in banking.
Stagnant Business Models: Only 20% are actively developing advanced new business models, signaling a lag in evolving revenue streams and customer engagement.
Mike Connors, Senior VP, Financial Services and Consumer, Americas at GlobalLogic, said, “The firms that succeed move beyond siloed initiatives, strategically integrating technology, capital deployment, and organizational adaptability to drive real impact.”
Leaders vs. Laggards:
The report identifies a group of “Leaders” (38% of respondents) who successfully balance short-term wins with long-term innovation, embed adaptability, and treat regulatory agility and talent reinvention as strategic levers. They are more proactive in AI governance, compliance, and scaling technology for business outcomes.
Recommendations for Growth:
GlobalLogic outlines five steps for sustainable transformation: build before scaling, prioritize unified strategies, invest proactively, let AI drive compliance, and continuously evolve.
Ronak Doshi, Partner at Everest Group, added, “The future will belong to firms that combine technology, value-driven business models, and regulatory agility into a unified engine of growth.”
