The survey analyzes the expectations of "digital natives" on the world of work
Riverbed, the leader in Unified Observability, announced the results of the Riverbed Global Digital Employee Experience (DEX) Survey 2023 for the financial services and insurance industry (referred to as FSI – Financial Services and Insurance) which found that organizations in the sector today must adopt high standards for DEX to protect reputation, avoid risks, reduce costs and retain young talent. FSI IT teams are already tasked with improving infrastructure, taking a more proactive role in the overall business and providing multi-channel interactions, while dealing with limited budgets and outdated architectures. However, Riverbed's investigation also revealed that by implementing the right tools, organizations can meet growing DEX demands while alleviating current pressures. The survey interviewed 1,800 IT decision makers (ITDMs) and business decision makers (BDMs) from 10 countries and 7 sectors, including around 300 FSI leaders, analyzing generational expectations, hybrid working, the evolution of the role of IT, the challenges and strategies for offering an ideal DEX.
To access the financial services infographic: www.riverbed.com/riverbed-wp-content/uploads/2023/11/global-dex-survey-financial-services-infographic.pdf
While the most experienced retire, new digital natives enter the FSI sector
Financial companies, in particular, rely on long-standing collaborators to preserve and share the knowledge acquired over the years within the company.
"One of the biggest challenges FSI companies face is the loss of talent – and therefore skills and knowledge – that occurs when long-time employees leave the company or retire. Now, with the entry of digital natives it is more critical than ever to have robust DEX solutions. Not only to maintain the productivity of Gen Z and millennial workers, but also to automate processes, ensure the efficiency of customer financial transactions and enable the best talent to operate strategically," he said Jim Gargan, CMO of Riverbed. "Our 2023 Global DEX Survey confirmed that delivering a quality digital experience is difficult. What's encouraging is that most leaders in FSIs understand this and are taking proactive steps to invest in technologies like AI and Unified Observability, helping to increase staff and customer loyalty."
92% of FSI leaders surveyed believe they need to provide advanced digital experiences to meet the needs of younger employees, and the same percentage say that new generation employees are putting a strain on IT resources. The latter figure is higher than the global figure from the survey which is equal to 89% and demonstrates the growing importance of satisfying the new DEX needs in the financial sector.
FSI leaders believe that failure to meet digital expectations could have disruptive effects
In financial services, reputation is everything and staff dissatisfaction and skills shortages can put it at risk. FSI leaders surveyed believe 69% of employees would consider leaving the company if adequate DEX was not provided, and 68% say failure to meet digital expectations would be detrimental, impacting reputation, productivity or organizational performance. In an industry where seconds and even milliseconds matter, ensuring a seamless digital experience for employees and customers is critical to the company's success. In fact, 98% of leaders surveyed say providing a smooth DEX is important (62% say it is critical) to staying competitive.
With growing digital expectations and the risk of losing the attention of talent, as well as the level of productivity and competitiveness, almost all participants in the FSI survey (93%) say that investing in DEX is a priority for the next five years.
The challenges connected to the Digital Experience
Today, delivering an excellent digital experience is becoming more difficult. 94% of ITDMs and BDM FSIs surveyed cited at least one major barrier or gap to achieving a seamless DEX. Respondents identified the lack of sufficient observability tools (36%), budget constraints (34%), excessive amounts of data (32%), lack of adequate SaaS or cloud services (29%) and lack of IT talent/skills (28%) as the main obstacles preventing them from ensuring an effective Digital Experience for employees.
However, the problems that hinder DEX resolve themselves when FSI companies introduce the best tools that increase productivity, retain staff and enable employees to share and develop knowledge and skills. Leaders know this: 85% of respondents have set aside funds to retrain IT staff, and a majority believe (86%) that Unified Observability technology with greater automation can help close the skills gap.
It is comforting to note that 93% of FSI IT and business leaders plan to accelerate the implementation of Digital Experience, which is 4% higher than the global one.
Improving the FSI Digital Experience with Unified Observability
As more employees demand the ability to work from anywhere, anytime, and in cloud workplaces, FSI leaders have stepped up to take on a more strategic role, earning them a place of prominence with management.
84% of FSI ITDMs and BDMs surveyed recognize the growing importance of IT within senior management, while 78% of ITDMs said they participate in senior management meetings. Additionally, 94% of respondents agree that IT is more responsible for business innovation than it was three years ago.
These leaders expect technology to be an enabler to drive the business and convince customers and staff. Furthermore, they believe that technologies such as AI and Unified Observability play an essential role in providing exemplary digital experiences. Among those surveyed, 95% of FSI leaders agree that Unified Observability is important (55% critically) to remain competitive and deliver DEX, and 94% say they need to invest more in Unified Observability solutions.
Other key findings from the survey:
- Nearly half (49%) of FSI leaders surveyed say a seamless digital experience is the most important factor in retaining their workforce, surpassing traditional benefits such as weekly happy hour (23%), free coffee and snacks (14%), and company merchandise and freebies (13%).
- FSI IT and business leaders surveyed globally said more than half (53%) of their employees work hybridly (higher than any other industry surveyed), and 98% believe hybrid working improves their ability to attract and retain talent, ultimately contributing to future competitiveness. As a result, 89% of respondents plan to invest in technology in the next 12-18 months to support those working remotely.
- Over the next 18 months, AI (50%), cloud (50%), application and network acceleration technologies (37%), Digital Experience Management (DEM) solutions (35%), and automation (35%) will become business-critical, according to FSI business and IT leaders surveyed. These established and emerging technologies are critical for organizations that want to remain competitive in today's marketplace.
The Riverbed Global Digital Employee Experience 2023 survey surveyed 1,800 IT and business decision makers globally, representing companies with annual revenue greater than $250 million in 10 countries. Sectors include FSI, oil and gas, government/public sector, healthcare/pharmaceuticals, manufacturing, retail and professional services. The survey was conducted by Sapio Research in May 2023.
To analyze how IT and business decision makers are implementing employee digital experience, consult the full report: riverbed.com/DEXSurvey2023.
