Banks are accelerating their spending in critical tech areas as they prepare to scale their generative AI capabilities. A recent survey reveals that financial institutions are focusing on cybersecurity, cloud technologies, and data platforms to drive innovation.
Key Points
- Financial services firms are set to increase their IT budgets by 29% for technology innovation over the next two years.
- More than 72% of surveyed companies plan to invest in generative AI, double compared to last year.
- Cybersecurity and cloud spending are top priorities for over 80% of respondents.
- Generative AI is rescaled as firms seek to understand its tangible impact on productivity and ROI.
- Adoption challenges remain, especially concerning data quality and existing technological infrastructure.
Why should I read this?
If you’re curious about how banks are gearing up to tackle the future with tech, this article has the scoop! It’s a timely look at how financial institutions are not just keeping up but are determined to innovate in the face of rapidly changing demands. We’ve cut through the fluff so you can get the goods on how these trends might impact you or your business!