3 Technology Trends in Banking and Investment Services in 2022
3 technology trends are gaining attention in Banking and Investment Services in 2022 and will contribute to the growth and transformation of financial services organizations over the next 2 to 3 years.
The 3 emerging technologies are:
1. Generative AI:
Banks will apply generative adversarial networks (GANs) and natural language generation (NLG) in growth areas such as fraud detection, trading prediction and risk factor modeling.
2. Autonomic Systems:
Self-managed physical or software systems that learn from their environments and modify their own algorithms in real-time creating a set of technology capabilities that support new requirements and situations, optimize performance, and defend against attacks without human intervention. This technology is being use in a basic form as roboadvisors, but more advanced forms will emerge.
3. Privacy-Enhancing Computation (PEC):
Secures the processing of personal data in untrusted environments. The adoption of PEC is on the rise in use cases like fraud analysis, intelligence operations, data sharing and anti-money-laundering. 60% of large organizations will use one or more PEC techniques in analytics, business intelligence or cloud computing by 2025.
In the report “2022 CIO Agenda: A Banking and Investment Perspective” made by Gartner Inc, Moutusi Sau, VP Analyst at Gartner, said: “Generative AI enables bank CIOs to offer technology solutions to the business in pursuit of revenue growth, while autonomic systems and privacy-enhancing computation are long-term solutions that provide new options for business transformation in financial services.”
Finally, according to the same report of Gartner, Banks and Investment Firms will spend $623 billion on technology products and services in 2022. The largest category of spending is IT services, which includes consulting and managed services and accounts for 42% of total IT spending in the sector at $264 billion
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