Generative AI is playing a pivotal role in the banking sector’s shift to cloud-based applications, as highlighted by a recent survey conducted by NTT Data, which reveals that nearly two-thirds of industry professionals recognize this trend.
Interestingly, while 89% of the 650 banking leaders surveyed self-identify as innovators, 63% continue to rely on mainframe systems, underscoring the enduring strength of these legacy technologies. Nevertheless, the same percentage acknowledges that generative AI is driving the move to the cloud, marking what NTT Data describes as a “transformative phase” that combines the stability of mainframes with the agility of cloud computing.
Additionally, an impressive 91% of respondents indicate that their AI and cloud initiatives have the backing of their boards, reflecting a strategic commitment to these technologies. Nearly half of the banks surveyed are actively incorporating generative AI into their technology infrastructures, with another 30% at the initial stages of evaluation.
Despite this momentum, a significant skills gap remains, with 80% of participants reporting the absence of a strategic framework for the adoption of generative AI.
Kaz Nishihata, Director and Senior Executive Vice President at NTT Data, emphasizes the significance of this trend: “The growing adoption of generative AI within the banking sector demonstrates the industry’s commitment to transitioning from traditional mainframes. By harnessing cloud environments, financial institutions can enhance security, increase robustness, and redefine innovation. This shift heralds a new era of opportunity.”