Banking Industry Embracing Emerging Technology According to New VMware Survey

LAS VEGAS, NV--(Marketwired - October 23, 2017) -

• 78 percent of Respondents Say AI Voice-based Banking Has the Potential to be Transformative in Retail Banking
• IT Security Upgrades and Programs to Modernize Systems Infrastructure and Data Centers Are Currently Underway at more than 50 percent of Respondents' Institutions
• In Addition to Survey Results, VMware Unveils Blockchain Technology Proof-of-Concept at Money 20/20

Today at Money 20/20, VMware, Inc. (NYSE: VMW), a global leader in cloud infrastructure and business mobility, shared results of a recent survey of banking professionals commissioned by VMware that explores how technology will shape the future of the banking industry. The survey revealed banks are laying the foundation for the digitization of their businesses and anticipate emerging technologies -- from IoT to biometric authentications and blockchain -- to make a substantial imprint on the industry within five years.

Results of the survey made one thing very clear -- technology will drive banks' next transformation. The question for financial institutions is no longer whether to invest in technology, but how fast they can invest. And, banks are already laying the groundwork for their digital transformation. When respondents were asked to describe their bank's core mission over a three- and five-year horizon, respondents described the bank's top business focus as "integrating digital and physical channels" and "becoming a digital leader," respectively.

Key survey results include:

Emerging technologies take center stage:

• More than 50 percent of banks with $100 billion or more in assets expect to have commercial implementations of the following major categories of emerging technology: mobile apps, APIs/open banking, artificial intelligence (AI), augmented reality, biometric authentications and blockchain -- in the next five years.
• 78 percent of respondents say that AI voice-based banking has the potential to be transformative in retail banking; about a third say AI voice-based banking could be transformative in commercial banking.
• 67 percent of respondents from banks with $100 billion of assets or more are currently implementing blockchain technology.

Implementation challenges: