What our research has uncovered: Developing a technology strategy isn’t simply about providing personalized customer services in banking. It requires balancing business challenges, sourcing the right technical solutions, and attracting skilled talent.
Our report, The Banking Head of Digital’s Five-Year Innovation Strategy, offers a playbook for banks to follow to implement an effective plan for their digital transformations.
Though banks’ tech spending peaked in 2022, we expect it to remain elevated through 2026. To get a good return on their investment, banks must ensure they address key tech trends and embed digital transformation within their daily operations.
Here we highlight concerns that digital banking heads have expressed to us, as well as technologies that are top of mind as they develop their innovation strategies.
Digital innovation presents big hurdles:
Creating competitive customer experiences
Attracting talent for key positions
Critical technologies to watch:
Open banking, banking as a service (BaaS), and embedded finance
DeFi and the Metaverse
Continue reading to learn more about what leading banks have already done and to review our 2023 checklist for developing an innovation strategy plan.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.