In the banking industry, globally, future investments in emerging digital technologies will be geared towards existing priorities such as preventing frauds and improving customer experience, among others, over the next few years. Globally, banks plan to invest in digital technologies in the next 12 months, according to a new research report published by software-services major Infosys. The study: ‘How enterprises are steering through digital disruption’, was compiled by interviewing 1,000 senior IT professionals and top-level executives in companies across seven countries.
Banks have been leading the way in technology investments. According to the survey, the use of data analytics for deep personalisation, open banking application programming interface (APIs) to facilitate collaboration within the ecosystem, and paperless trade finance driven by blockchain and Internet of Things (IoT) are among the top trends over the next three years. Globally, the top three digital technologies commonly used by banks are big data analytics (73%), cyber security (72%) and enterprise cloud (65% ), the report noted.
Not just the banking industry, currently enterprises across sectors are using digital technologies in areas such as core IT management (79%), business process management (60%) and customer relationship management (62%).
Large corporations worldwide are focusing more on disruptive digital technologies such as artificial intelligence (AI), robotics and big data, in a move to create a differentiating model. According to the report, 67% of the companies that participated in the study are leveraging big data analytics. Over half of these organisations have already made investments in deep learning algorithms of AI.
“The digital era presents enterprises with the unprecedented opportunity to reinvent their business from the core by continuously steering towards a more digital future guided by AI-powered insights to target the right opportunities to deeply automate, improve and even reimagine, both processes and experiences. A digital mindset enabled by rapid skill development and talent refactoring is vital to accelerate this transformation,” Ravi Kumar S, president and deputy chief operating officer, Infosys, said in the report.
The research also revealed that customer centric technology investments are among the top three priorities for all industries except manufacturing and consumer packaged goods (CPG). Life Sciences leads the way (86%) investing in technology for patient centricity during clinical trials, followed by the retail industry (79%) investing in augmented reality for virtual stores and banking (75%) for better customer experience.
The study was carried across nine different sectors between October and December, 2017. The respondents were from organisations with over 1,000 employees and $500 million annual revenue.