Before the Coronavirus crisis, retail, corporate and private banks were already under pressure from Big Tech firms and Payment players. They needed to transform their technologies and cultures to create engaging digital experiences. With the effects of the pandemic, the need for transformation is now even greater.
Based on remote interviews with global banking executives, we see a number of key trends emerging:
66% believe new technologies like AI, Cloud and DevOps will drive global banking in the next five years
77% believe that unlocking the value of AI will be the difference between winning and losing.
45% are set on creating digital ecosystems to enhance customer experience and revenue streams.
The Economist Intelligence Unit (EIU) on behalf of Temenos surveyed 305 global banking executives in the midst of the Covid-19 crisis. Half of the interviewed were at C-Suite level.
This is the seventh year of EIU and Temenos’ global survey. For the first time, commercial and private banks were included alongside retail banks. In this truly global report Europe, North America, Asia-Pacific, Africa and the Middle East, and Latin America were all represented.