BT research shows financial services is the UK most innovative sector

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

The survey of board-level executives from large companies found that, despite the sector’s suffering from the recession for the longest period when compared against five other sectors (retail, transport, logistics, fast-moving consumer goods and the public sector), 92 per cent 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.

The research found that 60 per cent of financial services companies were confident about their business prospects over the coming year. Alongside their bullish statements about the first signs of recovery and economic upturn financial institutions have also seen their technology investment priorities shift towards flexible working and tele/video conferencing solutions, with nearly half (46 per cent) investing in flexible working technology and more than one third (38 per cent) investing in tele/video conferencing technology.

Andy Nicholson, vice president global banking & financial markets, BT said: “In spite of the economic downturn, sentiment within the financial industry is actually buoyant according to our research. 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.”