Artificial Intelligence (AI) is seen as a differentiating technology for banking while blockchain does not feature on the list for the banking and investment services CIOs as they go digital, a Gartner survey said. Banking and investment services CIOs are increasingly convinced that their old business models and existing value propositions will not be sustainable in the future, the survey said. Also Read - Realme announces 'D' under its TechLife division; will focus on smart home devices
It gathered data from 3,160 CIO respondents in 98 countries and across major industries, including 354 banking and investment services CIOs. Also Read - Instagram uses AI to automatically hide offensive comments
“Digital transformation and its related technologies such as APIs are more important for banking than for other industries,” said Pete Redshaw, Managing Vice President at Gartner. “Banks and other banking and investment services organisations clearly recognise that the status quo is not sustainable, and they must disrupt themselves before it is done to them,” he added.
The findings showed that digital business/digital transformation is more important for banking (first priority for 26 percent of respondents) than for all industries (17 percent).
Banking and investment services CIOs also place a relatively high priority on the globalisation of their businesses (seven percent), a priority which does not make the top 10 at all for the all-industries average. The Internet of Things (IoT) is a top-10 item for all industries (six percent) but is not present for banking and investment services.
“These priorities point to a continuing tension between two opposing forces,” said Redshaw.