Top Business and Tech Imperatives for Financial Services in 2025

As financial services firms navigate a landscape marked by economic uncertainty, evolving customer expectations, and rapid technological change, one thing is clear: Technology is a strategic driver of growth, differentiation, and resilience. Despite macroeconomic headwinds – from geopolitical tensions to sluggish global growth – optimism prevails. Most financial services firms anticipate robust increases in tech spending over the next year, signaling a clear commitment to transformation.

Each year, Forrester engages with financial services leaders to understand their evolving priorities. Our Priorities Survey, 2025 gathered insights from business and technology professionals across the globe, revealing how firms are aligning their strategies to stay competitive. The findings are captured in our latest report: Business, IT, And Technology Priorities In Financial Services, 2025. Here are the key takeaways.

Business Units Are Steering The Tech Agenda

In a notable shift, 55% of financial services professionals report that tech budget ownership now lies mostly or entirely with business units, or is shared equally with IT. Only 11% say IT retains full control. This decentralization reflects a growing need for agility and responsiveness to customer demands. But it also introduces new challenges around governance, integration, and long-term strategic alignment.

Customer Experience (CX) Takes Center Stage

Improving CX has emerged as the top business objective across the financial services sector. This comes at a critical time, as Forrester’s CX Index™ reveals a global decline in CX quality in banking. Yet, while firms are focused on growth, cost-efficiency ranks low, suggesting a strategic pivot from cost-cutting to value creation.

To improve CX, financial services firms are investing heavily in digital experience, aiming to engage customers on their terms — seamlessly, intuitively, and in real time.

IT Priorities Are Aligned With CX Goals

The alignment between business and IT priorities is stronger than ever. Enhancing IT capabilities to support CX is a top focus, with firms prioritizing:

Modernization and consolidation of business applications
Agile and lean budgeting practices
A shift from reactive to proactive IT operations
Increased use of AI-enabled software development to boost productivity

These initiatives reflect a broader trend toward high-performance IT, where technology evolves from being merely a tool to becoming a strategic catalyst for continuous business improvement.

Challenges Persist: Resources, Legacy Systems, And Misalignment

Ambition is high, but execution is complex. The top challenges cited include:

Limited resources
Unclear goals and misalignment between departments
Legacy systems and technical debt

Regional differences are also notable: European firms are more concerned about skill gaps, while APAC and North American firms cite resource constraints. Banking professionals highlight a lack of customer focus and inadequate performance measurement as key issues.

Strategic Investments Reflect Evolving Demands

To stay ahead, financial services firms are investing in areas that align with both customer expectations and regulatory shifts. Key investment areas include:

Financial well-being initiatives
Open finance and open banking
Financial marketplaces to broaden service offerings and unlock new revenue streams

These investments signal a move toward ecosystem thinking, where collaboration, openness, and customer-centricity define the next wave of innovation in financial services.

Next Steps

The financial services industry is at a pivotal moment. As technology becomes more embedded in every facet of the business, success will depend on how well firms can align their strategies, modernize their infrastructure, and deliver meaningful customer experiences.

Forrester is here to help. With data-driven insights, proven frameworks, and peer benchmarks, we empower financial services leaders to turn ambition into action. If you’re a Forrester client, you can explore these findings in detail by downloading the report: Business, IT, And Technology Priorities In Financial Services, 2025. And if you’d like to discuss how these priorities apply to your organization, we invite you to schedule an inquiry or guidance session.