How leading banks create value
From silos to AI-powered workflows
Great experiences build trust
The future of landscape
As a former bank CIO, I’ve seen the success that comes when digital investments are an integral part of delivering overall outcomes. I’ve also experienced the challenges that arise when the various functions of a banking organization are siloed and misaligned. What’s clear to me is that business and technology can’t be separated. Instead, technology must be a critical piece of every bank’s operating and go-to-market strategy.
That’s why leveraging an AI platform for business transformation is a true game-changer. It connects people, data, and processes to realize value quickly. It helps build trust and positive human experiences, powers regulatory compliance and risk management, and reduces costs.
At the same time, technology is not a magic bullet. Banks need a human-centered approach that blends high tech and high touch for employees, customers, vendors, and regulators.
Our new report on banking transformation shows the path forward. In collaboration with our research partner Thought Lab, we surveyed 1,125 banking IT leaders in 12 countries around the world. Our research identified a small cohort of digital Pacesetters that are using AI and other emerging technologies to deliver positive, human experiences that create value and enhance customer trust. Read on to see how Pacesetters are creating the future of banking.
About 21% of banks in our study are Pacesetters, and they are well ahead of others in driving digitally enabled business transformation at scale across the enterprise.
To be a Pacesetter, you can’t just throw money at the problem or focus on one area of operations at the expense of others. Instead, Pacesetters drive progress across the organization in line with strategic goals and objectives.
- Reduced costs (59% vs. 48%)
- Better products and services (49% vs. 35%)
- Improved decision-making (47% vs. 36%)
- Increased revenue (46% vs. 39%)
- Stronger competitive advantages (42% vs. 34%)
- Greater productivity (39% vs. 29%)
Pacesetters bet big on AI
Pacesetters deploy AI solutions across the bank to address front- and back-office challenges, including:
- Fraud detection (49% vs. 40% of others)
- Customer onboarding (49% vs. 38% of others)
- GenAI (46% vs. 32% of others)
- Compliance/Regulatory / Regulatory (45% vs. 35% of others)
- Foster collaboration between business and IT teams (51% vs. 45% of others)
- Monitor IT performance against business plans (48% vs. 34% of others)
- Work with technology, consulting, and academic partners (48% vs. 34% of others)
Pacesetters put customers first
They are investing heavily in tech that improves experiences and builds trust. Pacesetters are more likely to:
- Improve customer data privacy and security (54% vs. 44% of others)
- Simplify customer onboarding (50% vs. 41% of others)
- Personalize marketing and customer interaction (44% vs. 33% of others)
- Data management systems for sharing risk data
- Predictive analytics
- Cybersecurity technologies for risk detection
- Implement robust AI governance
- Digitize, automate, and integrate compliance controls
- Monitor privacy and data loss to maintain compliance
