CIOs prefer AI over Blockchain for banking and investment services: Report

Artificial Intelligence

Artificial Intelligence overpowers Blockchain and emerges as the most preferred option for bank honchos as far as investments are concerned, said a report by Gartner.

This preference seems to be highly influenced by the idea of adoption digital services in the banking domain.

The survey further said that Chief Technology Officers (CIOs) in the banking and investment services have started believing that the old practices and models are not going to sustain in future.

Gartner surveyed over 3,160 respondents from across 98 countries and major industries, including 354 banking and investment services CIOs.

“Digital transformation and its related technologies such as APIs are more important for banking than for other industries,” said Pete Redshaw, Managing Vice President at Gartner.

“Banks and other banking and investment services organisations clearly recognise that the status quo is not sustainable, and they must disrupt themselves before it is done to them,” he added.

The survey revealed that digital transformation is of high priority and matter the most for the respondents in the banking domain. 26 per cent respondents from the banking sector marked digitisation as the matter of first priority in comparison to 17 per cent respondents from other industries.

Globalisation too emerged as a relatively important need for banking domain as 7 per cent respondents voted in favour of it, a trend that is not event listed among the top ten priorities of other industries.

“These priorities point to a continuing tension between two opposing forces,” said Redshaw.

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