State Street – Digital Transformation Strategies

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State Street Digital Transformation Strategies Report Overview

State Street has been banking on emerging technologies such as blockchain, big data, and AI to enhance operations and improve customer service. The annual ICT spending of State Street was estimated at $2.7 billion in 2022. A major share of this spending is earmarked for acquiring ICT services, software, and hardware from vendors.

State Street Corporation (State Street) is a financial holding company based in the US. It offers a wide variety of financial products and services, including asset management, asset servicing, data and analytics, currency management, foreign exchange, securities finance, and fact-based research through its subsidiaries to institutional investors across the world. State Street Bank and Trust Company is the company’s main subsidiary. State Street is present in more than 100 geographic markets, including the US, Europe, Canada, and the Middle East.

The State Street digital transformation strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, investments, acquisitions, ICT spending among others.

Digital Transformation Strategies

State Street has deployed artificial intelligence (AI) and machine learning (ML) solutions to provide better client services, improve operational efficiency, and comply with anti-money laundering regulations. It also makes use of big data and data analytics to help clients make sound investment decisions. Additionally, the company has replaced humans with RPA for calculating and reporting the net asset value of clients’ investment funds. The company is also using RPA for data entry, checking cash transactions across its network, and archiving financial documents in a centralized location.

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State Street Technology Theme Focus

State Street is utilizing a number of emerging technologies including blockchain, big data, and AI to improve operational efficiency, reduce costs, and improve the services offered to its customers.

State Street Technology Focus

State Street Technology Focus

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State Street Technology Initiatives

State Street forged several strategic technology partnerships and collaborations, technology developments and roll outs, acquisitions, and technology investments over the past few years.

For instance, State Street announced plans to establish a cybersecurity and technology infrastructure unit at IDA Business and Technology Park in Kilkenny, Ireland. The company expects the new unit to create 400 jobs in cybersecurity and technology infrastructure domains. State Street and Canoe Intelligence, an AI company based in the US, partnered to provide cloud-based ML technology to investment managers in private markets. State Street Digital also focuses on developing and launching digital solutions for handling digital assets such as cryptocurrencies and central bank digital currencies.

For more insights on other technology initiatives of State Street, download a free report sample

State Street ICT Spend by Function

  • Communications
  • Data center
  • Network
  • Application
  • End-user computing
  • Service desk
  • Management

State Street ICT Spend by Function, 2022 (%)

State Street ICT Spend by Function

For more insights on ICT spending by function, download a free report sample

State Street ICT Spend by Channel

  • Internal development and maintenance
  • Technology vendors (direct)
  • Local resellers
  • Telcos
  • ICT services providers/consulting firms
  • Specialist outsourcers
  • Systems integrators

State Street ICT Spend by Channel, 2022 (%)

State Street ICT Spend by Channel, 2022 (%)

For more insights on ICT spending by channel, download a free report sample

State Street External ICT Spend by Segment

  • ICT services
  • Software (including Cloud SaaS)
  • Hardware (including Cloud IaaS)
  • Network and communications
  • Consulting
  • Others

State Street External ICT Spend by Segment, 2022 (%)

State Street External ICT Spend by Segment, 2022 (%)

For more insights on external ICT spending by segment, download a free report sample

State Street Digital Transformation Strategies Overview

Total ICT Spending 2022 $2.7 billion
ICT Spend by Function Communications, Data Center, Network, Application, End-User Computing, Service Desk, and Management
ICT Spend by Channel Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems integrators
External ICT Spend by Segment ICT Services, Software (Including Cloud SaaS), Hardware (Including Cloud IaaS), Network and Communications, Consulting, and Others
Technology Theme Focus Blockchain, Big Data, and AI

This report provides:

  • Insight into State Street’s technology activities.
  • Insights of its digital transformation strategies and technology center & innovation program.
  • Overview of technology initiatives covering partnerships, investments, and acquisitions.
  • Insights on each technology initiative including technology theme, objective, and benefits.
  • Details of estimated ICT budgets and major ICT contracts.

Reasons to Buy

  • Gain insights into State Street’s technology operations.
  • Gain insights into its technology strategies and innovation initiatives.
  • Gain insights into its technology themes under focus.
  • Gain insights into its various partnerships, investments, and acquisitions.

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Table of Contents

1 Overview

2 Digital Transformation Strategy

3 Accelerators, Incubators, and Other Innovation Programs

4 Technology Focus

5 Technology Initiatives

6 Investments and Acquisitions

7 Partnership, Investment, and Acquisition Network Map

8 ICT Budget

9 Key Executives

10 Contact Us

Frequently asked questions

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