According to new research from Quantios, the trust and company service provider (TCSP) sector is split when it comes to AI. Only 53% of companies are either actively implementing AI solutions or developing an AI strategy. This leaves 47% of firms potentially lagging behind in their digital transformation journey. As demand for innovation soars, the pressure to invest in cutting-edge technology is mounting. Nearly a quarter (24%) of respondents agree that client digital expectations have grown this year, compared to only 9% last year – the biggest increase since Quantios began its research.
However, the sector is willing to invest in innovation. A majority of firms (57%) indicate they want to allocate more resources to ensure they remain competitive with the broader financial services landscape.
But the road to digitalisation and AI adoption is not without challenges. An overwhelming 70% of respondents admit their organisations are still reliant on multiple legacy systems and manual processes, hindering firms’ ability to seamlessly adopt new technologies. In addition, 42% of respondents admit they plan to explore AI within the next five years – a timeline that may leave them significantly disadvantaged.
AI has the potential to revolutionise the TCSP sector by automating processes, analysing large datasets effectively, and enhancing client interactions through personalised services. Yet, success hinges on one critical factor: data quality. Quantios’ findings show that poor data quality ranks as the second most significant challenge for TCSP firms (45%). Moving siloed data into unified, centralised platforms is essential when unlocking AI’s full potential and ensuring firms remain competitive.
Commenting on the findings, Guy Harrison, CEO at Quantios, said: “The industry is conscious of the need to digitise. Not only are customers demanding it, but firms are acutely aware of the benefits offered by modern tools such as AI. The problems lie in the implementation. While it may be convenient, in the short term, to continue using legacy systems and putting off AI adoption for a later date, this route will undoubtedly backfire in the long run. Digitalisation is not a task that can wait for the next three to five years, it’s something that leaders need to consider today. Implementing modern solutions, such as AI tools, is essential for firms that want to future-proof their business and remain competitive”.
