Generative AI is decisively facilitating the transition of banking applications to the cloud, according to nearly two thirds of industry players surveyed by NTT Data.
Despite 89% of 650 banking leaders identifying as innovators, 63% still operate on mainframe systems, confirming the mainframe’s resilience, the survey shows.
However, 63% also say that generative AI is enabling the push to the cloud, indicating what NTT Data calls a "transformative phase" where mainframes’ resilience meets the agility of cloud computing.
Meanwhile, 91% report their AI and cloud initiatives are endorsed by the board, signalling strategic prioritisation. Nearly half of banks are already integrating generative AI technology into their technology stacks while a further 30% are in the early stages of looking at it.
This means that there is a skills gap, with 80% of respondents saying they are lacking a strategic framework for generative AI adoption.
Kaz Nishihata, director and SEVP, NTT Data, says: “The momentum for generative AI across the banking sector is a testament to the industry’s resolve to move beyond traditional mainframes, leveraging cloud environments to fortify security, enhance robustness, innovate, and boldly redefine. This transition promises a new era of innovation.”