The report examines key trends, opportunities, and challenges presented by the adoption of key emerging technologies
WALTHAM, Mass., Sept. 12, 2023 /PRNewswire-PRWeb/ -- Today, Hexaware Mobiquity, a digital consultancy that designs and delivers innovative digital products and services for the world's leading brands, released the second part of its annual Global Benchmark for Sustainable Banking report. Part two examines the key trends, opportunities and challenges presented by the adoption of key emerging technologies such as cybersecurity technologies, machine learning (ML) and artificial intelligence (AI), mixed reality and digital wealth management technologies. 600 C-suite banking executives across the United States, United Kingdom, the Netherlands and Australia were surveyed.
In an era marked by relentless technological advancements, banks have embarked on a transformative journey, leveraging emerging technologies to restructure their operations and enhance customer experiences. In the US, over a fifth (23%) of C-Suites surveyed in the US state cybersecurity technologies as their bank's top focus – followed closely by embedded finance solutions (22%) and ML and AI (19%).
Furthermore, technology and sustainability are becoming increasingly intertwined as more importance is placed globally on being environmentally conscious and socially responsible. This includes developing blockchain-based solutions and developing data visualization tools, both of which US banking executives claimed as their preferred technologies to be used to support ESG and transparency in the banking sector.
"In an era with such rapid innovation, the successful, strategic integration of emerging technologies and digital tools will undoubtedly be a defining factor for banks seeking to maintain a competitive edge and improve operations," said Peter-Jan van de Venn, VP Global Digital Banking at Hexaware Mobiquity. "These technologies will play a critical role in reshaping customer experiences and operational strategies for years to come. By strategically embracing and leveraging these new advancements, banks will remain competitive while simultaneously unlocking entirely new avenues for growth and sustainable operations."
Additional key findings globally include:
- Machine learning (ML) and artificial intelligence (AI) is the second top emerging technology globally (20%).
- ChatGPT, extended reality (XR): augmented reality (AR) and virtual reality (VR), digital wealth management technologies, big data technologies, and metaverse technologies are all tied as the third top emerging technology globally (19%).
- One in six (16%) banking executives said their bank is engaging with embedded finance solutions, and the same percentage (16%) said their bank is engaging with open banking APIs.
The full report is available at https://www.mobiquity.com/insights/emerging-technologies-in-banking-2023.
To read more on Hexaware's ESG initiatives, visit https://hexaware.com/about-us/esg/. To learn more about how Hexaware Mobiquity is transforming companies' digital strategies, visit us here: https://www.mobiquity.com/our-work.
About Hexaware Mobiquity
Hexaware is a global technology and business process services company. Our 29,000 Hexawarians wake up every day with a singular purpose; to create smiles through great people and technology. With 54 offices in 19 countries, we empower enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes.
Mobiquity, part of Hexaware, is a digital consultancy that partners with the world's leading brands to design and deliver compelling digital products and services for their customers. Its approach balances human needs with usefully applied technology, unbound creativity with research and analytics, and agile development with strict engineering and security standards. Hexaware Mobiquity has extensive experience in the banking domain, particularly in creating greenfield digital banks and new labels for our fintech and banking clients.
Learn more about Hexaware at https://www.hexaware.com. Learn more about Hexaware Mobiquity at https://mobiquity.com.
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SOURCE Hexaware Mobiquity
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