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Technology Transformation – Financial Services

The Financial Services (FS) sector is a leader in protecting its tech infrastructure, reflecting the high degree of scrutiny from regulators. FS firms are at a tipping point, with large incumbents eying smaller firms and fintechs for their IP and skills to remain competitive while considering upgrades to legacy systems. Simultaneously, regulation is changing to reflect new and emerging technologies and threats.

This report is a deep dive into data first produced for the report Technology Transformation: Managing Risks in a Changing Landscape. This saw over 500 people surveyed from multiple industries across the world.

Here we look in detail at the 85 respondents from the FS sector, and their perspectives on the risks associated with business-critical technologies, including emerging technologies. This sector is more highly regulated than most of the other sectors surveyed, with many historical tech disputes relating to regulation. But the focus of regulation is shifting, and so are the risks affecting this sector.

Download the Technology Transformation Financial Services report now to read about:

  • Drivers of technology adoption in the financial services sector
  • New risks emerging and traditional barriers to risk management
  • Current technology risks in the financial services sector
  • Future risks, including AI and cryptocurrencies, and measures to deal with them
  • Preferred approaches to technology dispute resolution for the financial services sector
Marc Placzek
What companies still don't seem to get is the general data management angle. Data management is like the new privacy. If you understand your data better, and how it flows through your systems, then you can build better processes which would cover risks like compliance, regulation, IT performance, IP and software licensing.
Marc Placzek, Chief Privacy Officer, Head of Global Privacy and Data Management Oversight at PayPal
Jonas Kliesch
If you have automation of any kind, nobody controls or assesses whether the AI is right or wrong. This is why there is the perception that there are future threats from using AI. But personally, I do not see this because I would not solely rely on AI. For example, I would always check automatically created contracts again.
Dr Jonas Kliesch, Legal Counsel at Zurich Gruppe

External contributors & CMS authors

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Marc Placzek
Marc Placzek
Chief Privacy Officer, Head of Global Privacy and Data Management Oversight at PayPal
Jonas Kliesch
Dr Jonas Kliesch
Legal Counsel at Zurich Gruppe
Alexander Bossel
Dr. Alexander von Bossel, LL.M. (The University of Edinburgh)
Partner
Rechtsanwalt
Cologne
Angela Greenough
Angela Greenough
Partner
London
Lee Gluyas
Lee Gluyas
Partner
London
Richard Bamforth
Richard Bamforth
Partner
Head of the CMS International Arbitration Group
London
Guy Pendell
Guy Pendell
Partner
London

Key contacts

Dr. Alexander von Bossel, LL.M. (The University of Edinburgh)
Partner
Rechtsanwalt
Cologne
T +49 221 7716 226
Angela Greenough
Partner
London
T +44 20 7367 2198
Katja van Kranenburg-Hanspians
Partner
Advocaat | Head of Employment & Pensions | Head of TMC
Amsterdam
T +31 20 3016 402
Leonard Böhmer
Partner
Advocaat
Amsterdam
T +31 20 301 62 48
Tessa Penninks
Partner
Advocaat
Amsterdam
T +31 20 301 6200
Simon Sanders
Advocaat
Amsterdam
T +31 20 3016 371