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Financial services sector slow to adopt new technology

Financial services companies are trailing behind the retail, utilities and telecommunications sectors in their acceptance of the internet as a business tool says a new survey from the Confederation of British Industry and KPMG Consulting.

While 47 per cent of the other sectors are considered e-pioneers meaning they are leading the charge in using the internet to develop their businesses, only 31 per cent of financial services firms are in the same class.

Across the board, more than half of all companies in the UK show at least some degree of e-business take-up. The survey predicts British business will fully embrace the internet revolution over the next two to three years.

The survey looked at 1000 UK companies to determine how they view the potential of the internet to help grow their businesses.

KPMG Consulting chief executive officer Alan Buckle says: “A quiet revolution has begun inside British business, imaginative companies in all areas of the economy have been embracing internet technology not simply to create attractive web sites, but to revolutionise the whole way they related to their customers, suppliers and employees.”

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