The Asia Pacific (APAC) region has showed great variance in their pace of embracing new technologies, according to the 'Finance Reimagined: Finding Long-Term Value in a Digital Age' report.
However, investment providers in the region have exhibited a clear understanding of the importance of digitisation, with 87 percent accepting that digital transformation is important for the future of their organisation.
Sponsored by State Street Corporation, the report is based on findings from a global survey of 2,000 investors and 500 investment providers.
While Japan-based investment providers are ahead of their peers surveyed in APAC on the path to digital transformation, Australia-based providers are on the second position, followed by China and Hong Kong.
APAC investment providers are most advanced in terms of developing an innovative culture, with 72 percent of the respondents in Japan, 40 percent in Australia and 26 percent in China/Hong Kong claiming to have achieved this.
The report also found that 58 percent of the Japan-based respondents, 56 percent in Australia and 14 percent in China/Hong Kong are at an advanced stage of applying robust cyber security measures that ensure data integrity.
Meanwhile, 54 percent of the Japan-based respondents, 30 percent in Australia and 22 percent from China/Hong Kong are fully harnessing data and analytics to improve decision making.
Across the APAC region, respondents feel relatively unprepared when it comes to setting up systems to identify important emerging technologies such as blockchain and artificial intelligence.
"Firms that neglect to understand and embrace emerging technologies from Blockchain to artificial intelligence will also fail to remain competitive in this new era of finance, while those who live and breathe the digital revolution will be those who define the future of the sector," said Antoine Shagoury, Chief Information Officer, State Street.
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