Bank CEO's weigh in on digital transformation | KPMG | US

Is digital transformation the stepping stone for success? Bank CEO’s weigh in.

Bank CEO's weigh in on digital transformation

CEOs reach for digital transformation as they focus on new heights in customer and revenue growth.

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Banking and Capital Markets’ CEOs are facing the most significant transformational era in their history, as technology drives the pace of change at a speed never seen before in prior industrial revolutions.  For these CEOs, this is not the time to sit back and “wait and see” what the competition will do. And while many see digital transformation as a disruptor, we see it as an enabler (53 percent of CEOs agree), providing a great opportunity for clients to drive digital transformation across their enterprise and give them a long-term competitive advantage.

Top investments for banking CEOs:

  • This year’s survey shows that the majority of banking CEOs plan to launch a major new investment program in digital infrastructure, with 80 percent expecting to increase investments in this area.
  • 63 percent see investment in cyber security as an opportunity to find new revenue streams and innovation rather than an overhead cost.

Top concerns for banking CEOs:

  • Regarding artificial intelligence (AI), although a major cost cutting initiative, implementing new technologies can pose risk.  44 percent of CEOs said their organization is not ready to adopt advanced AI technology.
  • 45 percent of CEOs are concerned their organization doesn’t have the sensory capabilities and innovative processes to respond rapidly to disruption.
  • Similarly, 39 percent are concerned about the quality of their data and admit they need to invest in improving their data.

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