The banking industry is at an inflection point. A confluence of forces— from rapid technological advances and demographic shifts to mounting regulations, heightened competition, and higher expectations for digital experiences—is reshaping the industry.
Most bank executives think that digital technologies, especially AI and modern cloud-based platforms, will reinvent how banks operate while simultaneously ushering in heightened cyber, operational, and compliance risks.
While past digital transformation initiatives have unlocked considerable value for banks, our research shows that they often have failed to fully deliver on expectations for lower costs, higher profits, and greater competitiveness. Tellingly, less than one-third of surveyed bank executives believe that their current transformation initiatives are keeping pace with changing customer digital expectations or are improving risk and compliance management.
ServiceNow and ThoughtLab surveyed 1,125 executives from around the world to find out how much progress banks made driving AI-powered business transformation across their enterprises.
