UAE Business: 3 tech trends to gain traction in banking and investment in 2022 – Gulf Digital News

UAE Business: 3 tech trends to gain traction in banking and investment in 2022 – Gulf Digital News

With banks and investment firms forecast to spend $623 billion on IT products and services in 2022, three technology trends are seen gaining traction during the period, says Gartner.

Generative artificial intelligence (AI), autonomic systems and privacy-enhancing computation are three technology trends to look out for in 2022, according to Gartner.

These trends will continue to grow over the next two to three years, contributing to growth and transformation of financial services organisations.

Growth top priority

“While growth is the top priority, the need to manage risk, optimise costs and increase efficiency also requires new technology innovations,” said Moutusi Sau, VP Analyst at Gartner.

“Generative AI enables bank CIOs to offer technology solutions to the business in pursuit of revenue growth, while autonomic systems and privacy-enhancing computation are long-term solutions that provide new options for business transformation in financial services.”

IT spending by banking and investment services firms is forecast to grow 6.1% in 2022 to $623 billion worldwide. The largest category of spending is IT services, which includes consulting and managed services and accounts for 42% of total IT spending in the sector at $264 billion. The fastest growing category is software, with spending forecast to increase by 11.5% to $149 billion.

The three emerging technologies