Innovation at U.S. Banks Requires Strong Leadership and a Clear Strategy for Effective Implementation

For digital transformation and innovation to be successful at U.S. banks it requires effective leadership and a robust strategy for implementation, according to Gresham's latest research report. Innovation is no doubt a business-critical issue for U.S. banks. Yet when it comes to implementation there remains a gap between market requirements and taking action. Gresham's recent report 'U.S. Banks' Data Transformation Journeys at a Crossroads' finds that innovation and technology investment needs to be embedded firmly in the day-to-day operations of the organization for it to be properly felt.

The Risk of Ignoring Innovation

By ignoring the reality of innovation as a business-critical issue banks risk losing out market share to other players at the cutting edge of financial innovation, including neo-banks and instant payment platforms. The increased competitive market shows that banks cannot afford to fall behind when it comes to data integrity or advanced automation.

Industry Insights

Industry insights from the report which surveyed 120 banking leaders from across the United States reveal the different paths banks are taking concerning their digital transformation journeys. By taking a differentiated approach to digital transformation banks will be able to better match their innovation needs with their business goals and organizational priorities.

Views from Industry Respondents:

➔ "Extending data governance to advanced analytics. Moreover, we are focusing on AI frameworks that focuses on delivering trusted outcomes and develops centralized capabilities." - Senior Director at a Global Bank

➔"So, I think this is an industry wide thing where everybody is migrating from either big data or on Prem to the cloud and I think even within the turn, everybody's trying to implement GenAI products into it and that I would say is the biggest change." - Manager at a Credit Union

➔"Extending data governance to advanced analytics. Moreover, we are focusing on AI frameworks that focuses on delivering trusted outcomes and develops centralized capabilities." - Senior Director at a Global Bank

Holistic View of Innovation

Gresham's report finds that AI and automation are the most common top-of-mind system changes that banks are making in the coming year. This is backed up by the finding that nearly 1 in 4 respondents (23%) of U.S. bank leaders believe AI is the top system change they need to tackle. AI is followed as a technology priority among U.S. bank leaders closely by data management - including governance and quality (18%); moving to cloud (16%); data or systems integration (14%); data analytics or big data (13%).

These findings show that while AI may continue to be top of mind for U.S. Bank leaders, innovation does not need to wait for the latest technology breakthrough to be considered an organizational priority. Effective innovation should incorporate a holistic view of different technologies. Data integrity and effective data management is however the thread that connects actionable innovation for U.S. banks.

Take action now

Findings from the report offer actionable insights for banks looking to improve their data integrity. Here are a few key recommendations:

Invest in Data Quality: Prioritise systems that ensure accurate and complete data. Gresham's data integrity solutions can assist banks in maintaining high-quality data.

Automate Where Possible:Use automation to streamline data processing and reduce human error. Gresham's Control solutions integrate automation, custom rules, and robust data analytics. It identifies exceptions, streamlines workflows, and ensures real-time, comprehensive visibility across a bank's reconciliation environment, promoting speed, accuracy, and transparency.

Train Your Staff:Equip your team with the knowledge and skills needed to support advanced data processes. Gresham can work with your team to give an overview of solutions that work for your organization. Book your demo call today.

By ensuring data integrity, banks can build organizational resilience and adapt to new technologies more efficiently. Rather than reacting to the latest trends, a proactive focus on data quality allows banks to leverage and pilot new technologies with confidence.

Building a Strong Foundation.

Gresham Technologies offers a suite of products designed to help banks improve their data quality and integrity, laying the groundwork for successful AI adoption. The Clareti Platform is Gresham's flagship solution for real-time data integrity and control. Data integrity solutions ensure your data is accurate, complete, and reliable. By addressing data quality and integrity first, banks can make smarter, more strategic investments in AI and other emerging technologies. Don't get swept away by the hype - build a strong foundation with Gresham.

Download your copy of the report here!

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