AI Takes the Bank’s Spotlight – “Who’ll Win the Race?”
In a whirlwind survey by the Economist Intelligence Unit (EIU) for Temenos, a hefty two‑thirds of banking bosses are betting that the next five years will be dominated by the likes of AI and machine learning. Think of it as the new Black Friday for banks – but instead of discounts, it’s about beats, spins, and big data.
The Pandemic Push
COVID‑19 didn’t just knock coins into the air; it fast‑forwarded the digital makeover of every bank. Now banks are under fire from payment players, Big Tech, and e‑commerce fighters. And since 45% of the respondents are building a “true digital ecosystem,” the race is on.
Key Race‑Track Points
- 77% say unleashing AI will be the line‑cutting advantage between winners and losers.
- Personalization tops the wishlist: 28% see AI as the key to dazzling customers.
- DevOps is the turbo‑charger – 84% think it will rev up core banking.
- Multi‑cloud isn’t optional; 81% believe regulators will tell banks to do it or never.
Where The Money Is Going
Bank tech budgets are directed to:
- Cybersecurity – 35% of funds (because somebody needs to lock the vaults).
- AI Platforms – 33%, such as digital advisors and voice‑assisted chatbot squads.
- Cloud‑Based Technologies – 27% (the place where all the brilliance lives).
Temenos – The Super‑Suite of Digital Wizardry
Max Chuard, CEO of Temenos, says banks are feeling the heat from new rivals, tighter rules, and slow profit pipelines. “Our cloud‑advanced AI tools are the Swiss knife of banking tech,” he says. “We’ll help banks surprise customers now and keep the engines running for the long haul.”
In the new normal, banks will need to lean on modern tech because the playing field is getting tighter. Whether it’s AI‑driven insights or multi‑cloud agility, the future is coming fast—and it’s humorless for those who miss the boat.
