A new study reveals that banks are accelerating their adoption of new technology, and many are looking to fintech partnerships to do so.
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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