- “According to the latest State of AI in Financial Services report from NVIDIA, 31 percent of financial services organizations say they are investing in fraud detection for transactions and payments, compared with 10 percent in 2021. Meanwhile, 28 percent are now investing in conversational AI, up from 8 percent in 2021.
- As smaller organizations such as community banks and credit unions struggle to find and retain adequate technical talent, they are turning to low-code and no-code development tools to push out new digital products. These solutions enable financial institutions to keep pace with changes in technology and meet the digital demands of their customers. Low-code and no-code tools reduce the workload of in-house software developers and let financial institutions reuse previous work, Ghazouly says.
- Look for more banks to go cloud-first with new applications in 2023. Banks are working to migrate more of their workloads to the cloud, which presents no shortage of hurdles. According to the 2022 State of the Cloud report by Flexera, 58 percent of financial services organizations cited migrating cloud workloads as a challenge.”