According to a new survey, artificial intelligence (AI) and cybersecurity are some of the top concerns for banking institutions in Brazil's technology strategy. Analysis of data and the complexity of data analysis strategies relating to evidence gained through the ongoing Open Finance initiative are also a top priority for 78 percent of participants, according to the yearly basis research published by the Brazilian Banking Federation (Febraban) in collaboration with Deloitte.
"It merely came to our attention at the time." For the past 3 decades, it has been Brazilian banks, not fintech or startups, who are at the forefront and remain to be at the stage of international banking technology. Banks have always been digital, innovative, and sophisticated, but most importantly, safe and dependable. "We are not dedicated to it," says FEBRABAN President Isaac Sidney.
Other innovations have been cited as vital, in addition to AI and cybersecurity, which were cited as key priorities and main areas of concentration in 2021 and remain so this year.
Public cloud (94 %), Big Data (94 %), process mining (78 %), IoT (75 %), blockchain (67 %), and quantum computing (50 %) were all highlighted by IT decision-makers as current priorities.
Other goals mentioned by the CEOs in the report were the creation of super apps or superstores (39%) and data-driven financial counseling (35%) as well as store transformation (30%) and WhatsApp-based transactions (30%). Initiatives focused on boosting customer trust in data sharing (22 percent) and expanding chatbot-based transactions are at the bottom of the list (17 percent ).
Other objectives highlighted by CEOs in the research included the construction of mega apps or superstores (39%) and data-driven financial advice (35%), as well as shop transformation (30%) and WhatsApp-based trades (30 percent ). At the bottom of the list are initiatives aimed at increasing trust in data sharing (22%), as well as extending chatbot-based transactions (17%).
For the study, Febraban polled 24 firms via a questionnaire, representing 90% of the Brazilian banking industry. The qualitative study enlisted the participation of 34 executives. During November and December 2021, one of three phases of research was completed.
Banks are widely regarded as pioneers in digital transformation efforts. "If you look at that market, they have complexity in what they have," EY's Errol Gardner said in a recent interview with TechInformed. "But they are putting tremendous investment into digital and the services which wrap around it ." However, many banks continue to be particularly focused on the conventional, local branch network, methods of operating."
