DUBAI and RIYADH, September 28, 2023 — Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, today released a new study conducted by the International Data Corporation ( IDC ). The study revealed that 70% of surveyed Chief Information Officers (CIOs) within financial institutions in the Gulf Cooperation Council (GCC) countries plan on changing their organizations into a digital business model to ensure future business resilience. According to the study, the majority are in the process of adopting a digital business model that covers both products and services, along with internal operations. In 2023 and 2024, 67% of GCC CIOs surveyed said they will prioritize product innovation by creating new products and services or digitizing existing portfolios, while 61% will prioritize operational transformation to achieve efficiencies through cost optimization and process re-engineering. The study polled CIOs within financial services institutions in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), assessing trends that are impacting the sector in the wake of economic diversification led by national vision programs. Today, efforts in the region are being focused on developing a strong digital economy, with particular attention given to the growth of fintech and the overall digital […]
70% of Financial Services Executives are Shifting to Digital
You may also like...
