The banking and investment industries must embrace a digital future or risk going out of business according to industry executives.
Analysts from Gartner surveyed 354 banking and investment CIOs in 98 countries as part of a wider poll of more than 3,000 innovation leaders.
It found that the financial sector’s CIOs led the belief that digital transformation is a strategic business priority – 26% said so compared to 17% of those from other sectors. Digitization is next at 25% followed by growth/market share, profit improvement and customer service.
"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 organizations clearly recognize that the status quo is not sustainable, and they must disrupt themselves before it is done to them."
Globalization of banking and investment businesses is also a key priority with the ease of moving money worldwide and the potential of emerging markets driving that aim.
What about blockchain?
Business intelligence/analytics is seen as the most important tech for businesses to ‘win’ followed by digitalization and mobile applications.
Interestingly, given its high profile in the banking and investment industries, blockchain only just makes the top 20 behind tech such as cloud solutions, automation, and customer relationship management.
Spending is expected to focus firstly on digitization.
"This is an industry that recognizes that a firm must become truly digital - in culture, value and technology - if it is to stand a chance of surviving and thriving," Mr. Redshaw said.
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