Top trends and priorities focus on digital acceleration, product and service innovation, and security and compliance
We met with 92 corporate and transaction banking executives to better understand their top trends, priorities and challenges. Digital acceleration is the most impactful macro trend they face this year; and, to keep pace, they are investing in product and service innovation (top business priority). At the same, executives are under pressure to address new regulations (top industry trend) and increased security threats (top IT priority). Discover executives’ top trends, priorities and more.
Innovation tops priorities
Product and service innovation remains the top business priority for the 3rd straight year.
Legacy modernization needed
43% view legacy IT as highly challenging in executing their digital strategies.
IT spending rises
42% of executives plan to increase IT spending, far exceeding other banking sectors.
Sustainability creates future value
47% view sustainability as highly core to value creation, leading to more sustainable lending.
Ecosystems included in cyber strategy
52% are extending cybersecurity strategies across their ecosystem.
This year, 38% of executives in Corporate and Transaction Banking say their organizations are producing results from their digital strategies, rising 11 percentage points (pp), compared to 2022. The sector exceeds the all-industries average and Capital Markets in producing results, but trails Retail Banking.
When comparing insights from the 38% in Corporate and Transaction Banking that are producing results from their digital strategies (digital leaders) to those building or launching digital strategies (digital aspirants), common attributes emerge. Digital leaders cite a higher impact of digitization on their business models and are producing more cybersecurity strategy results, as well as using more managed services.
High impact of digitization on business model
Digital leaders 95% |
Digital aspirants 63% |
Producing cybersecurity strategy results
Digital leaders 68% |
Digital aspirants 36% |
Use of managed services for IT applications
Digital leaders 64% |
Digital aspirants 30% |
1
|
Innovate offerings |
2
|
Rationalize your cloud journey |
3
|
Tighten security |
4
|
Improve supply chains |
5
|
Improve data management |
At CGI, we help corporate and transaction banks better innovate, protect and compete through digital technology. |