Outlook for banks' digitization plans is darkening amid economic uncertainty - Business Insider

a 3.6% increase in US banks' technology spending between May 2019 and May 2020 — a dramatic drop from 8.9% growth the preceding year, although we expect it to rebound incrementally through 2024.

Despite cuts, big banks will increase their technological edge as smaller financial institutions fall behind. As US business restrictions are eased and the economy recovers, banks' technology spending should accelerate — leading to infrastructure upgrades, higher investments in AI and automation, more advanced fraud mitigation and detection, and cloud migrations, among other areas.

In advance of a recovery, banks will need to direct attention to customer-facing digital services. Pandemic-related public health restrictions are far from over, and banks have

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New Tesla video shows Model 3 cars being made inside its China factory - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Love TESLA !!!
Source: BusinessInsider - 🏆 729. / 51 Read more »

UK banks' attitude toward open banking is more positive than last year - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Goldman Sachs lifts 2021 oil outlook alongside potential COVID vaccine - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »