Info-Tech Research Group's research reveals how banking
institutions can adopt Exponential IT to integrate advanced
technologies to improve risk management and transform their
offerings to deliver personalized services. This strategic guide
provides banks with the tools needed to enhance operational
resilience, foster technological innovation, and maintain a leading
position in the financial sector.
![Info-Tech Research Group’s “Priorities for Adopting an Exponential IT Mindset in the Banking Industry” blueprint provides banks with the tools needed to enhance operational resilience, foster technological innovation, and maintain a leading position in the financial sector. (CNW Group/Info-Tech Research Group) Info-Tech Research Group’s “Priorities for Adopting an Exponential IT Mindset in the Banking Industry” blueprint provides banks with the tools needed to enhance operational resilience, foster technological innovation, and maintain a leading position in the financial sector. (CNW Group/Info-Tech Research Group)](https://mma.prnewswire.com/media/2443989/Info_Tech_Research_Group_Banking_Risk_Management_and_Customer_Ex.jpg)
TORONTO, June 20,
2024 /CNW/ - The banking industry is grappling
with rapid technological advancements, increasing regulatory
demands, and heightened customer expectations. To remain
competitive, banks must adopt an Exponential IT mindset. However,
they face significant obstacles, including outdated legacy systems,
data management challenges, and talent acquisition issues. In
response to these challenges, Info-Tech Research Group has released
its blueprint, Priorities for Adopting an Exponential IT Mindset
in the Banking Industry. This comprehensive industry-specific
guide provides strategic insights and actionable plans to leverage
technologies like AI, quantum computing, and automation, enabling
banks to drive innovation, enhance operational efficiency, and
maintain regulatory compliance.
"The retail banking industry needs to consider the urgent
adoption of Exponential IT to counter industry disruptions,"
says David Tomljenovic, principal
research director at Info-Tech Research Group. "Understanding
the five key priorities of Exponential IT transformation is crucial
for competitiveness. Additionally, recognizing and incorporating
foundational capabilities is essential to initiating an effective
Exponential IT transformation, leading to value creation within the
industry."
Info-Tech's latest blueprint highlights the strategic importance
of Exponential IT in transforming the banking sector. This approach
involves integrating advanced technologies to not only optimize
operations but also to ensure the delivery of innovative financial
products and exceptional client experiences. The firm advises that
by adopting an Exponential IT mindset, banking organizations can
stay ahead of technological disruptions, enhance their service
offerings, and cater to the dynamic needs of their clientele.
The resource outlines several critical challenges the banking
industry must overcome to achieve technological advancement. For
example, regulatory scrutiny can delay the market introduction of
innovations and impose complex compliance standards. Additionally,
banks must balance the need for technological innovation with
maintaining stable and reliable operations. The potential for
integrating new business models, powered by AI and quantum
computing applications, is substantial but requires overcoming
significant hurdles associated with market maturity and
readiness.
Furthermore, banks struggle with outdated legacy systems and the
complexity of managing vast amounts of data. Info-Tech recommends a
comprehensive strategy that includes detailed planning, robust
investment in employee development, and fostering a culture of
adaptability and innovation. By following this approach, banks can
effectively navigate their digital transformation journey, enhance
operational efficiency, ensure regulatory compliance, and
significantly improve customer satisfaction.
Info-Tech details in the new blueprint the five key
priorities that banking IT leaders must consider as they adopt
an Exponential IT mindset to modernize their operations. The
recommended priorities are:
- Mitigate Rampant Privacy Risks: Mitigating rampant
privacy risks is crucial as the banking industry adopts Exponential
IT. Banks need to adapt to a rapidly evolving risk environment,
implementing advanced privacy capabilities through AI models that
are transparent and fair. Ensuring end-to-end privacy controls
across operations is essential to maintaining privacy and managing
risks effectively.
- Let AI Take Over Core Operations: Adopting AI to take
over core operations involves fully utilizing AI and automation
technologies to streamline processes, enhance decision-making, and
improve efficiency. AI integration is important for predictive
maintenance, customer service, and real-time data analysis,
ensuring banks remain competitive and innovative.
- Boost Vendor Management Practices: Boosting vendor
management practices is vital as Exponential IT evolves. Banks must
recognize the strategic role of vendors and actively engage with
potential partners. Developing capabilities through these
relationships is essential for accessing advanced technologies and
platforms.
- Focus on Customer Value Delivery: Focusing on customer
value delivery means leveraging AI and automation to enhance
efficiency and gain real-time insights. Integrating new
technologies into existing workflows and ensuring data quality and
governance are crucial for delivering superior customer experiences
and maintaining a competitive edge.
- Fund Exponential Value Creation: Funding exponential
value creation involves the strategic allocation of resources to
support new platforms and capabilities like AI, automation, and
quantum computing. Redirecting budgets from maintenance to
innovation is essential for banks to stay competitive and to ensure
long-term viability.
By addressing the strategic priorities highlighted in the firm's
research, the banking industry can successfully manage the
complexities of digital transformation. Embracing an Exponential IT
mindset allows banks to enhance risk management, streamline
operational processes, and offer personalized financial services.
This approach not only fosters technological resilience but also
positions banks to capitalize on new business opportunities in a
dynamic market.
Info-Tech's blueprint serves as a detailed guide for IT leaders
in the banking sector, offering practical insights and actionable
strategies to navigate modern IT challenges. By leveraging these
recommendations, banks can achieve sustainable growth, improve
stakeholder trust, and stay ahead of future technological
advancements.
For exclusive and timely commentary on this topic from
Info-Tech's analysts and access to the complete Priorities for
Adopting an Exponential IT Mindset in the Banking
Industry blueprint, please contact
pr@infotech.com.
Info-Tech LIVE 2024
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annual IT conference, Info-Tech LIVE 2024, taking place
September 17 to 19, 2024, at the
iconic Bellagio in Las Vegas. This
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and media influencers access to exclusive content, the latest
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insights on trending topics, please contact pr@infotech.com.
About Info-Tech Research
Group
Info-Tech Research Group is one of the world's leading
research and advisory firms, proudly serving over 30,000 IT and HR
professionals. The company produces unbiased, highly relevant
research and provides advisory services to help leaders make
strategic, timely, and well-informed decisions. For nearly 30
years, Info-Tech has partnered closely with teams to provide them
with everything they need, from actionable tools to analyst
guidance, ensuring they deliver measurable results for their
organizations.
To learn more about Info-Tech's divisions, visit McLean &
Company for HR research and advisory
services and SoftwareReviews for software buying
insights.
Media professionals can register for unrestricted access to
research across IT, HR, and software and hundreds of industry
analysts through the firm's Media Insiders program. To gain access,
contact pr@infotech.com.
For information about Info-Tech Research Group or to access the
latest research, visit infotech.com and connect via
LinkedIn and X.
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SOURCE Info-Tech Research Group