Cloud and AI top priorities Another study commissioned by Temenos surveyed banks across the globe and found that financial institutions must use disruptive technologies to remain relevant . It ’ s a classic case of adapt or die .
The research also showed that 79 % agree that banking will become embedded , with 20 % of banks expecting their business model to evolve to offer Banking-as-a-Service ( BaaS ) to brands and fintechs while enabling embedded finance in their own products and services . More than half ( 51 %) of respondents agree that banks will no longer own data centres due to the transition to the public cloud in the next five years and that business agility , efficiency , and security are reasons why banks are accelerating the shift to the cloud .
AI is expected to also have a considerable influence , with generative AI projected to drive banking by 75 % in the Temenos survey . That ’ s why every financial organisation right now is desperate to make the most
96 January 2024