Artificial intelligence (AI) and cybersecurity are among the top priorities when it comes to the technology strategy of banking institutions in Brazil, a new study has found.

Artificial Intelligence

• 8 ways to reduce ChatGPT hallucinations
• AI is transforming organizations everywhere. How these 6 companies are leading the way
• 3 ways AI is revolutionizing how health organizations serve patients. Can LLMs like ChatGPT help?
• If AI is the future of your business, should the CIO be the one in control?

The annual research published by the Brazilian Banking Federation (Febraban) in partnership with Deloitte also noted that data analytics and the sophistication of data mining strategies relating to the information gathered through the ongoing Open Finance initiative is also a key priority for 78% of the participants.

As well as AI and cybersecurity, which have been cited as key priorities as main areas of focus in 2021 and remains so this year, other technologies have been cited as crucial. IT decision-makers that participated in the research mentioned public cloud (94%), Big Data (94%), process mining (78%), Internet of Things (75%), blockchain (67%) e quantum computing (50%) as part of their current priorities.

Other priorities cited by the executives participating in the study included the development of super apps or superstores (39%), data-driven financial advisory (35%), as well as branch transformation (30%) and WhatsApp-based transactions (26%). At the bottom of the list are initiatives aimed at improving customer trust in relation to data sharing (22%) and expansion of chatbot-based transactions (17%).

In addition, focus on digital as the main relationship channel has been cited by 91% of those polled, while 87% claimed that customer demands in terms of digital channels prompted institutions to invest further on that front. Cultural transformation as a means to promote a digital shift has been cited by 78% of the banks as a priority.

Febraban polled 24 banks through a questionnaire for the study, which represents 90% of the Brazilian industry. Some 34 executives took part in the qualitative research. The first of three phases of the research has been carried out between November and December 2021.

Finance

Inflation is about to change grocery shopping for goodThe 5 best high-yield savings accounts: Not your standard savingsHow AI is making Gen Z the most financially sophisticated generationThe 5 best credit cards you can (and should) keep foreverWant a job in finance? Here are your options

• Inflation is about to change grocery shopping for good
• The 5 best high-yield savings accounts: Not your standard savings
• How AI is making Gen Z the most financially sophisticated generation
• The 5 best credit cards you can (and should) keep forever
• Want a job in finance? Here are your options