This is the main finding from the Future Focus Report produced by tech vendor TrustQuay.

The research, which canvassed 120 private banks and trust, corporate and fund services providers, found that 90% expect to be much more digitised and automated within the next five years.

However, just 33% have taken the critical first step in that process which is to consolidate their data onto a single platform.

The growing burden of regulatory requirements is also often seen as a driver for the adoption of digital technology and while 86% of respondents expect their interactions with regulators to become more digital, only a quarter have actually implemented a single global system for regulatory compliance.

There is also a dearth of firms that have a client portal in place that will enable digital interaction with clients

The research does reveal a recognition among the respondents that adoption needs to accelerate, as cited by 82%.

It also shows a growing interest in SaaS solutions with 70% stating that they would adopt the technology in the future while a similalr number see increased availability of SaaS as a possible catalyst for digital adoption.