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Temenos survey finds AI vital to drive global banking

Banking executives believe new technologies such as artificial intelligence (AI) will be instrumental in driving global banking over the next five years, according to a survey by Temenos.

According to the banking software supplier, the number of execs believing technology will drive banking rises by 57 per cent in a year, from 42 per cent in 2019 to 66 per cent in 2020.

TemenosThe report Forging new frontiers: advanced technologies will revolutionize banking, conducted by the Economist Intelligence Unit (EIU) on behalf of Temenos, also highlights that COVID-19 is likely to accelerate digital transformation.

In a podcast interview, Mark Gunning, Global Business Solutions Director at Temenos, said the research shows a sea change and an increase in acceptance of new technologies in banking, with the primary one being AI.

“It seems that banks are looking […] to improve the customer experience through using artificial intelligence,” Gunning said. “Clients are used to a high level of digital experience, and banks need to create that if they want to keep their customers engaged, and they want to keep their customers loyal.”

LISTEN: Ep61: Mark Gunning, Global Business Solutions Director at Temenos

The report also showed that 77 per cent think AI will separate winners from losers, while 84 per cent believe DevOps and modern cloud platforms will drive core banking transformation. Moreover, 81% of banking executives believe a multi-cloud strategy will become a regulatory pre-requisite.

Nearly half (45 per cent) of global banking executives are set on transforming their business models into digital ecosystems to enhance customer experience and create new revenue streams.

Commenting, Max Chuard, Chief Executive Officer, Temenos, said: “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.

“Temenos’ cloud-advanced, AI technology and rich banking functionality can help banks deliver value to their customers in the immediate term and accelerate their digital transformation to build sustainable growth in the future. Trends toward digital banking, cloud and SaaS models will only become more pronounced – in the new normal, the need for modern banking technology will be greater than ever.”

The EIU surveyed 305 global banking executives, and for the first time, it includes respondents from commercial and private banks, alongside retail.

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