Artificial intelligence and cybersecurity among top priorities for Brazilian banks

Institutions are also focused on making the most out of data obtained through Open Finance, study says.
Written by Angelica Mari, Contributing Writer

Artificial intelligence (AI) and cybersecurity are among the top priorities when it comes to the technology strategy of banking institutions in Brazil, a new study has found.

The annual research published by the Brazilian Banking Federation (Febraban) in partnership with Deloitte also noted that data analytics and the sophistication of data mining strategies relating to the information gathered through the ongoing Open Finance initiative is also a key priority for 78% of the participants.

As well as AI and cybersecurity, which have been cited as key priorities as main areas of focus in 2021 and remains so this year, other technologies have been cited as crucial. IT decision-makers that participated in the research mentioned public cloud (94%), Big Data (94%), process mining (78%), Internet of Things (75%), blockchain (67%) e quantum computing (50%) as part of their current priorities.

Other priorities cited by the executives participating in the study included the development of super apps or superstores (39%), data-driven financial advisory (35%), as well as branch transformation (30%) and WhatsApp-based transactions (26%). At the bottom of the list are initiatives aimed at improving customer trust in relation to data sharing (22%) and expansion of chatbot-based transactions (17%).

In addition, focus on digital as the main relationship channel has been cited by 91% of those polled, while 87% claimed that customer demands in terms of digital channels prompted institutions to invest further on that front. Cultural transformation as a means to promote a digital shift has been cited by 78% of the banks as a priority.

Febraban polled 24 banks through a questionnaire for the study, which represents 90% of the Brazilian industry. Some 34 executives took part in the qualitative research. The first of three phases of the research has been carried out between November and December 2021.

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