Banking CIOs have changed their view of the cloud.
Rather than seeking cost savings, executives are turning to cloud for flexibility, scalability and AI capabilities, according to the report. But technical debt is complicating adoption initiatives.
“Unfortunately, many of the banks are still working on code from the 1970s,” Michael Abbott, senior managing director and global banking lead at Accenture, said during a CIO Dive live event last month.
Generative AI capabilities are expected to ease digital transformations, even for large organizations weighed down by piles of tech debt. By 2027, Gartner predicts that generative AI tools will reduce modernization costs by 70%, according to analysis published last month.
