Bankers told which technology will separate winners from losers

The Economist Intelligence Unit on behalf of Temenos has surveyed over 300 senior banking executives

AI tech

Bankers told which technology will separate winners from losers. Source: shutterstock.com

According to research, 45% of banking respondents aim to build a true digital ecosystem and integrate their self-built digital services with third-party offerings.

The survey also found that AI will play a major role in accelerating this digital shift. This way, 77% of respondents agree that AI will become a key differentiator between winning and losing banks.

As to the most valuable uses of AI, improving user experience through greater personalization has been ranked the first with 28%.

Banks were under huge pressure due to new competitors, ongoing regulation, and slowing profit growth – these pressures have intensified as a result of the pandemic. The report highlights that senior banking executives believe that new technologies such as AI will have the greatest impact in banking in the coming years. As the digitization of banking continues, these new technologies can help banks fend off competitors and gain competitive advantage
Max Chuard, Chief Executive Officer, Temenos

The report highlights that the focus is shifting towards enterprise agility with DevOps. That would bring together software development and IT operations using modern cloud-based platforms.

Indeed, 84% of respondents believe DevOps will drive transformation in core banking, while 81% of banking executives think a multi-cloud strategy will become a regulatory pre-requisite.

We’ve reported that Mitsubishi Electric Corporation has announced the development of a cooperative AI technology. According to information, that improves work collaboration between humans and machines by using inverse reinforcement learning.

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