With technology always improving, it can be difficult for executives in the financial services industry to assess how to prioritize their investments. The exciting, the trendy and the nifty new all threaten to distract strategists on the technology team and on the business side from their primary mission: efficient growth. That is especially the case in environments where spending may not be as robust as originally planned. Forrester aims to help with its annual report assessing how well various emerging technologies are likely to pay off for financial institutions that invest in them. Below we review what the research and consulting firm suggests in three areas: low-code/no-code development platforms, natural language processing, and the metaverse and Web3. But first, there is one tech investment that Forrester says must remain a priority, despite tighter budgets. The Most Important Tech Initiative in Banking Forrester research in early 2023 found that, among banking executives globally, more than three out of four said that their companies would increase spending on emerging technologies this year, compared with the previous year. But Jost Hoppermann, a principal analyst at the consulting firm, says he expects some downward adjustments to technology budgets are happening, given the pall […]
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