A new study reveals that banks are accelerating their adoption of new technology, and many are looking to fintech partnerships to do so.
Click to enlarge
New tech priorities
Among 11 possible choices, respondents indicated that these four would be bigger priorities in 2022 than in 2021.
| 2022 | 2021 | |
| Pursue partnerships with fintech startups | 15% | 5% |
| Better address fraud/risk management | 19% | 13% |
| Invest in infrastructure upgrade | 19% | 17% |
| Migrate applications/systems to the cloud | 12% | 7% |
Top 5 technologies banks plan to invest in
1 Cloud computing
2 (tie) Application programming interfaces (APIs) | Machine learning
4 Chatbots
5 Robotic process automation (RPA)
More money for technology
83%
The percentage of banks that will spend significantly or somewhat more on technology, up from 73% in 2021 and 72% in 2020
47%
The percentage of banks that had already deployed cloud computing by 2022
Source: “What’s Going on In Banking 2022: Rebounding from the Revenue Recession,” Cornerstone Advisors