Bank CEOs put blockchain on list of most-wanted fintech
Nearly 80 percent of U.S. banking CEOs are increasing their investments in digital transformation, as the majority believe that their institutions are not effectively leveraging digital channels to connect with customers, according to the 2017 U.S. CEO Outlook study by KPMG LLP.
"In order to keep pace with the expectations of today's connected consumers, banking leaders realize the need to digitize the entire enterprise — from the back office to the front door," Brian Stephens, KPMG national leader of banking and financial services, said in a press release. "They are up against some stiff competition from the fintech startups and retailers, and need to be able to offer their customers a much more personalized and mobile experience."
More than half of the CEOs polled (53 percent) view technological disruption as an opportunity rather than a threat. But by the same token, 55 percent believe that it will weaken or eliminate some traditional leaders.
Nearly two-thirds (64 percent) of CEOs surveyed said that over the next three years they plan to invest in new ways to reach customers.
Funds will be directed toward AI, blockchain, data and analytics, and robotic process automation.
The CEOs cited complexity of implementation (31 percent) and lack of available budget (25 percent) as the greatest barriers to implementing new technologies.
Read the full report.