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1、Infosys Bank Tech Index:Volume 4 November 2024|1External Document 2024 Infosys Limited Knowledge InstituteINFOSYS BANKTECH INDEXVOLUME 4 NOVEMBER 2024 Infosys Bank Tech Index:Volume 4 November 2024|1External Document 2024 Infosys Limited Knowledge InstituteContentsIntroduction 2Key findings summary

2、4Technology strategic priorities 8Technology spending report 12Technology budget analysis 16Technology talent 20Tech hotspots:our bank tech intensity barometer 34Appendix 36Knowledge InstituteIntroductionExternal Document 2024 Infosys Limited 2|Infosys Bank Tech Index:Volume 4 November 2024Infosys B

3、ank Tech Index:Volume 4 November 2024|3External Document 2024 Infosys Limited Knowledge InstituteWelcome to Volume 4 of the Infosys Bank Tech Index.In this edition,we see that banks are turning a corner on their strategic priorities and tech spend.Banking thrives when customer trust is built,and com

4、pliance is adhered to.In Volume 4,we have found that banks have shifted their focus towards regulatory compliance,while their focus on cost reduction has begun to wane.Regulations related to AI and open banking have kept regulators and banks on their toes.AI continues to be the fastest-growing area

5、of technology spend for banks globally.Banks continue to believe that AI will boost productivity.Yet,in our discussions with clients,we have found that only a handful are AI-ready across all five dimensions of strategy,governance,talent,data,and technology.AI and cybersecurity continue to dominate b

6、anks budgets,but the growth in spending has subsided in the last quarter.Often,these technologies compete and complement each other in driving investments.Following a year of growth in AI and cybersecurity,recruitment is cooling off.Interestingly,the convergence of AI and other digital technologies

7、is driving talent demand for other digital technologies:Demand is now increasing for tech roles that encourage new business models,payment initiatives,and changing regulations.This is an intriguing period for regulatory developments.With regulations that guide banks on their path of AI adoption in E

8、urope and stronger consumer protection in the US,this edition captures the compelling time.The findings from this index will help executives understand:How senior executives decide to spend their budgets across different technology areas The effectiveness of technology spending The evolving technolo

9、gy talent demand within banks The technologies that banks are adoptingWe will continue to track these trends in the coming quarters.If you have any questions or if you would like to discuss these trends,please reach out to us.Dennis GadaEVP,global head,Banking&FinancialServicesIntroduction4|Infosys

10、Bank Tech Index:Volume 4 November 2024Knowledge InstituteKey findings summaryExternal Document 2024 Infosys Limited Infosys Bank Tech Index:Volume 4 November 2024|5External Document 2024 Infosys Limited Knowledge InstituteBanks continue to shift focus away from cost reductionReduce costsComply with

11、regulatory requirementsDevelop new innovations/new product oferings05101520253035Volume 2:May 24Volume 3:Aug 24Volume 4:Nov 24Average strategic priority score out of 1001.Priorities are scored on a 100-point scale.2.Chart shows only threeof seven priorities surveyed.3.Refer to page 9 for further det

12、ails.Notes:EuropeMiddle East and AfricaOverallVolume 2:May 24Volume 3:Aug 24Volume 4:Nov 24050100150200250300350400450APACAverage expected FTE recrutiment per bankNotes:1.Refer to page 23 for further details.Latin AmericaNorth AmericaProjected spending change during July to December 2024(median)Regu

13、lationsIT operationsNew projects2.2%3.3%3.8%Spending type0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%Average growthNotes:1.Growth rates over July to December 20242.Refer to page 14 for further details on tech spending.Focus on cost reduction continues to fallSlow down in tech hiring begins to flatten Tech s

14、pending is expected to rise 3%6|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteAI spend has slowed,but a further rise is likely Volume 3:Aug 240102030405060Volume 2:May 24Volume 4:Nov 24Artificial intelligenceCybersecurityOthersAverage budget

15、allocation(%)1.Refer to page 17 for further details.2.Budget allocation is based on the 13 technologies we surveyed and nottotal technology budgets.Notes:CybersecurityArtificial intelligenceMachinelearning-22-5-15Expected average FTE tech recruitmentchange per bank1.Refer to page 24 for further deta

16、ils.Notes:Recruitment for machine learning is falling faster than other tech areas.Recruitment for large language models and deep learning has also slowed.However,cybersecurity,another area of high spend in previous volumes,has also slowed significantly,suggesting this could be seasonal.-1Deeplearni

17、ngor neuralnetworks LargelanguagemodelsAI spending is cooling.and tech recruitment is declining,especially in AIYet,banks intend to grow AI spendArtificialintelligenceCybersecurityBanking as aservice platformCloudcomputingRobotic processautomationOpen bankingor APIsReal-timepaymentsQuantumcomputingV

18、oicetechnologiesBlockchainVirtual oraugmented realityProjected spending growth during July to December 20241.Refer to page 19 for further details.Notes:0.3%0.4%0.6%0.7%0.8%1.1%1.9%3.0%3.5%4.7%7.7%Infosys Bank Tech Index:Volume 4 November 2024|7Knowledge InstituteExternal Document 2024 Infosys Limite

19、d Knowledge InstituteTechnology strategic prioritiesReducing costs is still the top priority,while regulatory compliance picks up pace External Document 2024 Infosys Limited 8|Infosys Bank Tech Index:Volume 4 November 2024Infosys Bank Tech Index:Volume 4 November 2024|9External Document 2024 Infosys

20、 Limited Knowledge InstituteTechnology strategic priorities comparison across volumesFocus shifts to compliance from costsBanks decrease focus on reducing costs:Cost reduction remains the number one strategic priority for banks in Volume 4.However,its importance has decreased by three percentage poi

21、nts from Volume 3,and eight percentage points from Volume 2.Complying with regulation rises in priority:Banks have increased their focus on regulatory requirements by four percentage points compared to Volume 3.Average relative weight(Total=100)Volume 2:May 24Volume 4:Nov 24Volume 3:Aug 240102030Ave

22、rage relative weight(Total=100)Keep the lights onReduce costsRespond to competitionDevelop new innovations/new product offeringsSupport or drive business growthTransform business modelComply with regulatory requirements1.N=379,where N is the number of banks surveyed in Volume 4.2.N=396,where N is th

23、e number of banks surveyed in Volume 3.3.N=324,where N is the number of banks surveyed in Volume 2.Notes:10|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteCost reduction remains the top strategic priority Technology strategic prioritiesReducin

24、g costs is the top priority among banks across regions:Cost reduction is the top priority for banks globally,regardless of where they are.However,the biggest decrease was in APAC,with a fall of five percentage points.Strategic priorityOverallAPACEuropeLatin AmericaMiddle East and AfricaNorth America

25、Keep the lights onSupport or drivebusiness growthReduce costsTransformbusiness modelRespond tocompetitionComply withregulatory requirementsDevelop new innovations/new product oferings24171515101010221714161210102416161510109271715151092517151411992416151591011Average relative weight(Total=100)Region

26、81.N=379,where N is the number of banks surveyed in Volume 4.Notes:Focus on complying with regulatory requirements rises:Banks around the world have increased their focus on compliance with regulatory frameworks,with the most pronounced increase in the APACregion,followed by Europe.Focus on competit

27、ion is reduced:All the regions we surveyed reported a reduction in the importance they place on competition since Volume 3.This shift away from competition was most prominent in Europe and North America.Infosys Bank Tech Index:Volume 4 November 2024|11External Document 2024 Infosys Limited Knowledge

28、 Institute12|Infosys Bank Tech Index:Volume 4 November 2024Knowledge InstituteTECHNOLOGY SPENDING REPORTRegulatory tech spending growsExternal Document 2024 Infosys Limited Infosys Bank Tech Index:Volume 4 November 2024|13External Document 2024 Infosys Limited Knowledge InstituteEstimated total tech

29、 spend is$65 billionEstimated total tech spending stood at$65 billion in the second quarter of calendar 2024:Our best estimate is that banks in our survey spent nearly$65 billion on technology in Q2 of 2024 but the true value could be anywhere between$44 billion and$97 billion.CapEx accounted for tw

30、o-thirds of total tech spend:CapEx was at$42 billion and accounted for 64%of total technology spending.OpEx was at$23 billion and accounted for the remaining36%.Regulatory and IT ops represented the largest component of tech spending:Total regulatory and IT operations spendings were at$24 billion ea

31、ch and combined for 73%of total tech spend.New projects accounted for the smallest proportion of total spend at 27%.020406080100TotalCapExOpExTech spednign in billions(US$)Spending category$65 bn$42 bn$23 bn$24$15$9$16$24$18$11$8$6TotalCapExOpExTech spending in billions(US$)Spending category/typeReg

32、ulatoryIT OpsNew projects$65 bn$42 bn$23 bn1.N=379,where N is the number of banks that responded to spending questions in Volume 4.2.Error bars indicate the possible range of spending reported by banks in the survey.3.Total spending is a combination of CapEx and OpEx.The range of the total spending

33、is basedon a fixed ratio of CapEx to Opex derived from the average expected valueNotes:Total technology spending by categoryTotal technology spending by category and type14|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteTotal tech spending dec

34、lines but is expected to rise 3%Total tech spending stood at$78 billion in the first quarter of calendar 2024:Between Volume 3 and Volume 4 of our index,banks decreased their total quarterly tech spending from$78 billion to$65 billion.Total tech spending is expected to rise by a median of 3%:However

35、,banks are expected to increase their tech spending by 3%between July and December 2024Regulatory spending expected to grow the fastest:Regulatory spend overall(across CapEx and OpEx)is likely to grow by 3.8%,higher than IT operations(3.3%growth)and new projects(2.2%growth).Total technology spending

36、 by category and typeTotal technology spending by category30%36%35%43%26%40%24%37%28%Vol 2Vol 3Vol 4Tech spending in billions(US$)Spending typeRegulatoryIT OpsNew projects$76 bn$78 bn$65 bn64%64%65%36%36%35%Vol 2Vol 3Vol 4Spending categoryCapExOpEx$76 bn$78 bn$65 bn1.N=379,where N is the number of b

37、anks that responded to spending questions in Volume 4.2.N=396,where N is the number of banks that responded to spending questions in Volume 3.3.N=320,where N is the number of banks that responded to spending questions in Volume 2.Notes:Tech spending is expected to increase by 3%over the next six mon

38、ths External Document 2024 Infosys Limited Knowledge InstituteInfosys Bank Tech Index:Volume 4 November 2024|1516|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteTECHNOLOGY BUDGET ANALYSIS AI remains top tech spending area Infosys Bank Tech Ind

39、ex:Volume 4 November 2024|17Knowledge InstituteAI and cybersecurity continue to lead budget allocation Technology budget distribution change by volume AI and cybersecurity represent 54%of overall budget allocation:Banks allocate 29%of their technology budget to AI,and 25%to cybersecurity in Volume 4

40、,a decrease of two percentage points each.Within AI,LLMs and ML drive the degrowth:Banks have decreased their allocation on large language models(LLMs)and machine learning(ML)by two and three percentage points respectively since Volume 3.However,the budget allocation to deep learning increased by th

41、ree percentage points in Volume 4.BaaS finds a spurt in budget distribution:Allocation to banking as a service(BaaS)among banks has jumped 4 percentage points to 11%of technology budgets in Volume 4.External Document 2024 Infosys Limited Volume 4:Nov 24Volume 3:Aug 24Average budget allocation(%)Tech

42、nology051015202530Artifcial intelligenceMachine learningDeep learning or neural networksLarge language modelsCybersecurityBanking as a service platformCloud computingRobotic process automationOpen banking or APIsReal-time paymentsQuantum computingBlockchainVoice technologiesVirtual or augmented real

43、ity47881025711291123491127101331511111.N=379,where N is the number of banks surveyed in Volume 4.2.N=396,where N is the number of banks surveyed in Volume 3.3.Budget allocation is based on the 13 technologies we surveyed and not total technology budgets.Notes:18|Infosys Bank Tech Index:Volume 4 Nove

44、mber 2024External Document 2024 Infosys Limited Knowledge InstituteAPAC leads on AI budget allocation Technology budget distribution by region APAC and Europe lead growth in AI budgets:Banks in APAC and Europe are ahead of their North American counterparts,allocating 31%and 30%of budgets to AI respe

45、ctively,while North American banks allocated 27%.RegionAverage budget allocation(%)Voice technologies Virtual or augmented reality Blockchain Quantum computing Real-time payments Banking as a service platform(BAAS)Open banking or APIs Cybersecurity Cloud computing Robotic process automationLarge lan

46、guage models Deep learning or neural networks Machine learning Artificial intelligence291111725111085432113112109241110943422130121082491086542202891362610118553212289127251212753311271010727111185443212TechnologyOverallAPACEuropeLatin AmericaMiddle East and AfricaNorth America1.Artificial intellige

47、nce includes machine learning,deep learning or neural networks and large language models.2.N=379,where N is the number of banks surveyed in Volume 4.3.Budget allocation is based on the 13 technologies we surveyed and not total technology budgets.Notes:Latin America and Middle East banks lag on machi

48、ne learning budgets:Our survey found that banks in APAC and Europe allocate the most to machine learning,comprising 12%of budgets.North American banks allocate the most to cybersecurity:North American banks allocate 27%of budgets to cybersecurity,while APAC and European banks allocate the least at 2

49、4%.Infosys Bank Tech Index:Volume 4 November 2024|19External Document 2024 Infosys Limited Knowledge InstituteSpending on AI is expected to outpace other technologies Expected technology spending change during July to December 2024 AI leads the race on spend growth:Growth in AI spending is expected

50、to increase at 7.7%during July to December 2024.This is nearly 300 basis points higher than the expected growth of cybersecurity budgets and double the expected growth in BaaS budgets.Within AI,the growth in ML spending at 4.0%is expected to drive the growth in AI spending.Cybersecurity spending reg

51、ains traction:Growth in cybersecurity spending is expected to increase at 4.7%during July to December 2024,from the 2.6%growth expected during April to September.Virtual or augmented realityBlockchainVoice technologiesQuantum computingReal-time paymentsOpen banking or APIsRobotic process automationC

52、loud computingBanking as a service platformCybersecurityLarge language modelsDeep learning or neural networksMachine learningArtificial intelligenceProjected spending growth during July to December 20247.7%4.0%2.1%1.5%3.5%4.7%3.0%1.9%1.1%1.8%0.7%0.6%0.4%0.3%1.Artificial intelligence includes machine

53、 learning,deep learning or neural networks and large language models.2.N=379,where N is the number of banks surveyed in Volume 4Notes:Knowledge InstituteTechnology talentAI and cybersecurity,while still the largest share of tech roles,cool off 20|Infosys Bank Tech Index:Volume 4 November 2024Externa

54、l Document 2024 Infosys Limited Infosys Bank Tech Index:Volume 4 November 2024|21Knowledge InstituteExternal Document 2024 Infosys Limited 22|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteRecruitment continues to cool down,although at a slowe

55、r pace Average expected technology recruitment per bank by region Tech recruitment slows most in APAC and North America:Average technology recruitment slows the most in APAC(down 25%),followed by North America(down 15%)between Volume 3 and Volume 4.Tech recruitment slows least in Middle East and Afr

56、ica:Down 11%,the Middle East and Africa have the least degrowth in average technology recruitment.Volume 4:Nov 24Volume 3:Aug 24Volume 2:May 240100200300400500600700-39%-28%-41%-17%-29%-15%-37%1%Expected FTE recrutiment per bank$10bn to$50bn$50bn to$250bnMore than$250bnOverall1.N=379,where N is the

57、number of banks surveyed in Volume 4.2.N=396,where N is the number of banks surveyed in Volume 3.3.N=324,where N is the number of banks surveyed in Volume 2.Notes:Infosys Bank Tech Index:Volume 4 November 2024|23External Document 2024 Infosys Limited Knowledge InstituteLargest banks continue to expe

58、ct decreased hiring Average expected technology recruitment per bank by size Tech recruitment slows most among largest banks:Average technology recruitment slows the most(down 28%)among banks with assets over$250 billion.Smaller banks expect a marginal growth in recruitment:Average technology recrui

59、tment among banks with assets over between$10 billion to$50 billion to see a slight growth of 1%Volume 4:Nov 24Volume 3:Aug 24Volume 2:May 240100200300400500Expected FTE recrutiment per bank50150250350450-37%-25%-48%-13%-41%-17%-40%-12%-42%-11%-21%-14%OverallAPACEuropeLatin AmericaMiddle East and Af

60、ricaNorth America1.N=379,where N is the number of banks surveyed in Volume 4.2.N=396,where N is the number of banks surveyed in Volume 3.3.N=324,where N is the number of banks surveyed in Volume 2.Notes:24|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge

61、 InstituteRecruitment for AI and cybersecurity roles expected to drop Average expected technology recruitment per bank by technology Voicetechnologies Virtual oraugmentedreality Blockchain Quantumcomputing Real-timepaymentsBanking a a serviceplatformExpected average FTE tech recruitment change per b

62、ankOpenbankingor APIs Cybersecurity Cloudcomputing RoboticprocessautomationMachinelearningDeeplearningor neuralnetworks Largelanguagemodels0320240-10-202-152-5-22-28-1-5Artifcialintelligence37%28%1.Artifcial intelligence is a combination of the technologies outlined within the box.2.N=379,where N is

63、 the number of banks surveyed in Volume 4.3.N=396,where N is the number of banks surveyed in Volume 3.Notes:External Document 2024 Infosys Limited Knowledge InstituteOverall full-time equivalents(FTEs)are expected to fall 17%,as AI and cybersecurity recruitment estimated to cool off:Banks are expect

64、ed to slow down recruitment of AI and cybersecurity by 37%and 28%,respectively.The fall in AI recruitment is expected to be led by a decline primarily in hiring for ML roles.Recruitment focus shifts to cloud,BaaS,and RTP roles:Banks are likely to increase recruitment for roles in cloud computing,RTP

65、,and BaaS on the back of a focus on new business models,payment initiatives,and regulatory changes.Infosys Bank Tech Index:Volume 4 November 2024|2526|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteCybersecurity and AI set to account the large

66、st share of hiring across bank sizesExpected technology recruitment allocation by size Total asset categoryTechnologyCybersecurityMachine learningCloud computingBanking as a service platformRobotic process automationProportion of expected technology recruitmentDeep learning or neural networksLarge l

67、anguage modelsReal-time paymentsQuantum computingOpen banking or APIsBlockchainVirtual or augmented realityVoice technologies24%14%10%9%9%8%8%6%3%3%3%2%2%24%12%11%9%9%7%6%6%3%4%2%2%2%23%13%11%11%11%7%8%6%4%3%4%2%2%25%15%10%7%8%7%8%7%3%2%3%3%1%$50 bn to$250 bn(Expected techjobs per bank=158)$10 bn to

68、$50 bn(Expected techjobs per bank=90)More than$250 bn(Expected techjobs per bank=281)Overall(Expected techjobs per bank=161)1.N=379,where N is number of banks surveyed in Volume 4.Notes:Infosys Bank Tech Index:Volume 4 November 2024|27External Document 2024 Infosys Limited Knowledge InstituteBanks e

69、xpect to recruit 161 FTEs on average during July 2024 to December 2024:Banks with assets between$10 billion and$50 billion expect to recruit 90 technology staff;banks with assets between$50 billion and$250 billion expect to recruit 158 technology staff;and banks with assets over$250 billion expect t

70、o recruit 281 technology staff on average.Cybersecurity and AI talent are in demand:Over half of technology positions banks are recruiting relate to cybersecurity or AI.Recruitment for AI technology is expected to account for 30%of tech hiring,followed by cybersecurity with 24%.Recruitment for BaaS

71、expected to rise more among banks with assets between$50 billion to$250 billion:11%of recruitment expected to be for BaaS among banks with assets between$50 billion and$250 billion,higher than banks with larger assets.Recruitment for cloud expected to outpace all technologies except cybersecurity an

72、d ML:Recruitment for cloud technology is expected to rise 10%,outpacing BaaS,RPA,deep learning,and LLMs.28|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteRegions vary,but overall trend towards hiring for cybersecurity and AI set to stay Expect

73、ed technology recruitment allocation by region RegionTechnologyOverall(Expected tech jobsper bank=161)APAC(Expected tech jobsbank=208)Europe(Expected tech jobsbank=189)Latin America(Expected tech jobsbank=164)Middle East&Africa(Expected tech jobsbank=122)North America(Expected tech jobsbank=111)Cybe

74、rsecurityMachine learningCloud computingRobotic process automationBanking as a service platformDeep learning or neural networksLarge language modelsReal-time paymentsQuantum computingOpen banking or APIsBlockchainVirtual or augmented realityVoice technologiesProportion of expected technology recruit

75、ment24%14%10%9%9%8%8%6%3%3%3%2%2%24%12%12%8%8%7%8%7%3%3%4%3%2%27%18%9%9%6%8%7%6%3%2%2%3%1%23%10%10%11%8%7%9%6%4%5%4%1%0%20%15%10%11%10%9%6%4%3%3%3%3%2%24%14%10%10%8%9%8%7%3%3%1%1%2%1.N=379,where N is number of banks surveyed in Volume 4.Notes:Infosys Bank Tech Index:Volume 4 November 2024|29External

76、 Document 2024 Infosys Limited Knowledge InstituteOver half of bank tech recruitment to be for AI and cybersecurity talent:During July to December 2024,overall banks are expected to hire a majority of AI(30%)and cybersecurity(24%)roles.APAC to lead average expected full-time equivalents recruitment

77、per bank during July to December 2024:APAC banks expect to recruit 208 full-time equivalents(FTEs)during July to December 2024,followed by Europe with 189 FTEs.North America is expected to recruit the fewest,at 111 FTEs for its technology staff.Cybersecurity recruitment to be highest in Europe and l

78、owest in Middle East:Evolving regulation in Europe,such as NIS2 coming into effect,is driving recruitment for cybersecurity roles in European banks(27%)cybersecurity talent.However,Middle East and Africa is expected to recruit the least cybersecurity talent at 20%.Europe expected to recruit the high

79、est proportion of ML positions:Banks in Europe are expected to recruit a significantly higher proportion(18%)of talent in ML than banks in the rest of the world(14%).Latin America is expected to recruit the least ML talent at 10%.APAC banks expect to lead on cloud recruitment:APAC banks(12%)is expec

80、ted to recruit relatively more in cloud,while North America is expected to hire the least cloud talent(8%).BaaS talent in demand in North America,Latin America and Middle East:With the exception of Europe(6%),most regions are expected to hire for more BaaS positions.30|Infosys Bank Tech Index:Volume

81、 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteBanks find it harder to hire for deep learning roles Tech areas difficult to acquire by quarter on quarter Cybersecurity and AI talent continue to remain the hardest to acquire:Banks report that these technologies continue to

82、be the hardest for them to recruit talent.Positively,the difficulty to hire these skills has reduced.Difficulty to recruit for deep learning has risen:Within AI,the relative difficulty of recruiting deep learning talent has increased by four points,while for ML,the difficulty has reduced by four poi

83、nts.Volume 4:Nov 24Volume 3:Aug 24Technology051015202530Tech area difficulty scoreArtificial intelligenceMachine learningDeep learning or neural networksLarge language modelsCybersecurityRobotic process automationCloud computingBanking as a service platformReal-time paymentsOpen banking or APIsQuant

84、um computingBlockchainVirtual or augmented realityVoice technologies292815116108728231198785645352412011.N=379,where N is the number of banks surveyed in Volume 4.2.N=396,where N is the number of banks surveyed in Volume 3.Notes:Infosys Bank Tech Index:Volume 4 November 2024|31External Document 2024

85、 Infosys Limited Knowledge InstituteService design,product management,and software engineering skills harder to acquire Skills difficult to acquire by quarter on quarter We asked respondents about the difficulty they face in acquiring skills.This could reflect the supply of the skills in the market.

86、It could also reflect the changing focus:Either showing the momentum of a shift in focus and that a bank has yet to build momentum in hiring that role,or a reflection of the pressure to hire that banks are under.We have noticed that AI related skills are easier to hire for.This data combined with th

87、e data that shows banks are declining hiring,it likely means that banks are filing AI roles now,i.e.there is less pressure to hire in AI.Banks find non-AI skills more difficult to hire:Service design,product management,and software engineering are the areas where skills are difficult to hire forRecr

88、uitment difculty scoreSkills difcult to sourceData science1413Deep learning1211Service design610Statistical methods101010Machine learning algorithms12Product management 778Software engineering 68Prompt engineering1188Visual Design/UI/UX9Network engineering7Network administration55Systems analysis23V

89、olume 4:Nov 24Volume 3:Aug 241.N=379,where N is the number of banks surveyed in Volume 4.2.N=396,where N is the number of banks surveyed in Volume 3.Notes:32|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteInfosys Bank Tech Index:Volume 4 Novem

90、ber 2024|33External Document 2024 Infosys Limited Knowledge InstituteBanks focus on upskilling and retraining to fulfill any skill gap shortage Sources for tech talent at banks The cycle of sourcing talent for new technologies:When a new technology or innovation presents itself,enterprises prefer to

91、 pilot and test them in-house to better understand the technology.Once the technology matures,enterprises are more open to outsourcing and relying on vendors.That is the trend we see happening with AI as well.Banks expect to fill their tech talent gap through upskilling and retraining:Banks have inc

92、reased their reliance on upskilling and retraining from 58%in Volume 2 to 63%in Volume 4.010203040506070Volume 2:May 24Volume 3:Aug 24Volume 4:Nov 24Average score out of 100Upskill,retrainHireRely on outsource vendors or contractorsNotes:1.N=379,where N is the number of banks surveyed in Volume 4.2.

93、N=396,where N is the number of banks surveyed in Volume 3.3.N=324,where N is the number of banks surveyed in Volume 2.TECH HOTSPOTS:OUR BANK TECH INTENSITY BAROMETER Cybersecurity remains pivotal Knowledge Institute34|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limit

94、ed Infosys Bank Tech Index:Volume 4 November 2024|35External Document 2024 Infosys Limited Knowledge InstituteBaaS and deep learning seethelargestriseinimportance Technology intensity barometerReal-time payments42Volume 4:Nov 24Volume 3:Aug 24Technology02030405060708090100Technology intensity barome

95、terQuantum computing39Open banking or APIs41Cybersecurity9495Cloud computing5455Deep learning or neural networks4856Banking as a service platform4756Robotic process automation5455Machine learning6170Large language models4954Virtual or augmented reality3335Blockchain3637Voice technologies3234HighMedi

96、umLowNotes:1.The“technology intensity barometer”measures the importance of a technology to banks in our survey.The components of the barometer are(a)tech spending in the last quarter,(b)expected tech spending growth in the current quarter,(c)technology staff expected to be added in the current quart

97、er,and(d)difficulty in acquiring staff for each technology area.The score is on a scale of 0 to 100 with 0 being much less important than everything else,50 indicating an average(or indistinct)level importance,and 100 being most important.2.N=379,where N is the number of banks surveyed in Volume 4.3

98、.N=396,where N is the number of banks surveyed in Volume 3.BaaS and deep learning move into the high importance category:The importance of BaaS and deep learning has risen by a score of nine and eight respectively.These technologies have now moved into the“high importance”category on the intensity b

99、arometer.Cybersecuritys importance outstrips all other technologies With a score of 95 out of 100 points,cybersecurity ranks as the most important banking technology,with.ML and cloud next.Cloud rises while RPA wanes in importance:Cloud moved into the top three technologies for banks,outpacing RPA,w

100、hich fell marginally in importance.Knowledge InstituteAppendix36|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Infosys Bank Tech Index:Volume 4 November 2024|37External Document 2024 Infosys Limited Knowledge InstituteAppendix A:MethodologyThe Infosys Bank Tech

101、 Index is a quarterly,survey-based research report that indexes technology investment and talent trends across the banking industry.This fourth edition gathers quantitative data from 379 of the largest banks by total assets in Asia Pacific,Europe,Latin America,Middle East and Africa,and North Americ

102、a.Our survey,exclusive to banks with assets surpassing$10 billion,represents 94%of this asset pool.This quarterly research gathers insights on technology spending,staffing,and performance from a panel of leading banks.Our executive panelists are key decision makers for their respective banks technol

103、ogy investments and talent strategies.Panel respondents will remain confidential to maintain data privacy and ethical considerations.The research delves into the following areas:1.Technology strategic priorities:Current priorities of banks related to growth,operational efficiency and transformation.

104、2.Technology spending report:Investment levels across CapEx and OpEx,IT operations,New Projects and Regulatory.3.Technology budget forecast:Current technology budget distribution and Expected technology budget distribution 4.Tech hotspots our bank tech intensity barometer:A measure of intensity to i

105、dentify where technology investment and hiring is pressuring the supply of talent.5.Technology talent:The distribution of technology vacancies for which banks are looking to acquire human resources.6.Technology project success:The proportion of technology projects that are on track.As data is gather

106、ed in subsequent quarters,this research will provide a dynamic view of the trends,track evolving patterns,and help decision-makers at banks make informed choices about technology and talent.In Volume 4,we asked our panel to provide the spending estimates for their current quarter.Depending on the ba

107、nks budget cycle,this could be any three month period between April 2024 and September 2024.For simplicity,we consider Volume 4 to cover the period July to September 2024.Forecasts for spending cover the period of July to December 2024.In this report we refer to banks“performance,”calculated through

108、 the asset turnover ratio(revenue divided by net total assets)to provide a consistent measure of operational performance across the sample.38|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteAppendix B:Panel distribution$10 bn to$50 bn$50 bn to$

109、250 bnMore than$250 bn146 banks,40%142 banks,36%91 banks,23%Banks by regionBanks by total assetsOur sample represents 94%of banking assetsfor banks with over$10 billion in assets94%Total bankingassetsNumber of banks with morethan$10 billion in assetsTotal assets(in trillions US$)In surveyNot in surv

110、ey379$121North AmericaMiddle East and AfricaLatin AmericaEuropeAPAC110 banks,29%100 banks,28%67 banks,17%50 banks,12%52 banks,14%Infosys Bank Tech Index:Volume 4 November 2024|39External Document 2024 Infosys Limited Knowledge Institute40|Infosys Bank Tech Index:Volume 4 November 2024External Docume

111、nt 2024 Infosys Limited Knowledge InstituteAppendix C:Technology budget distribution and growth for APAC APAC banks focused on AI and cybersecurity:Banks allocated 31%of budgets to AI,followed by cybersecurity with 24%in their most recent reported quarter.Increasing focus on banking as a service:APA

112、C banks have increased budget allocation to banking as a service.Real-time payments and open banking saw a dip in allocation:APAC banks allocation to real-time payments and open banking reduced by one percentage point each.1.N=110,where N is the number of APAC banks surveyed in Volume 4.2.N=114,wher

113、e N is the number of APAC banks surveyed in Volume 3.3.Budget allocation is based on the 13 technologies we surveyed and not total technology budgets.Notes:010203040323115121098102524111097115443342121APACAverage budget allocation(%)TechnologyArtificial intelligenceMachine learningLarge language mod

114、elsDeep learning or neural networksCybersecurityCloud computingBanking as a service platformOpen banking or APIsRobotic process automationReal-time paymentsQuantum computingBlockchainVoice technologiesVirtual or augmented reality-1-3-12-1-104-1-11010Percentagepoint change Volume 4:Nov 24Volume 3:Aug

115、 24Infosys Bank Tech Index:Volume 4 November 2024|41External Document 2024 Infosys Limited Knowledge InstituteTechnology budget distribution and growth for APAC Banks set to boost spending on AI:The spending on AI by APAC banks is likely to increase to 8.1%during July to December 2024,which is highe

116、r than the overall average of 7.7%.This growth will be led by a 4.2%growth in ML spending.Cybersecurity spending growth marginally lower than peers:APAC banks spending on cybersecurity at 4.6%is expected to lag the 4.7%spending by peers on the technology.Projected spending growth during July to Dece

117、mber 20241.N=110,where N is the number of APAC banks surveyed in Volume 4.2.N=114,where N is the number of APAC banks surveyed in Volume 3.Notes:Voice technologiesVirtual or augmented realityBlockchainQuantum computingReal-time paymentsBanking as a service platformOpen banking or APIsCybersecurityCl

118、oud computingRobotic process automationLarge language modelsDeep learning or neural networksMachine learningArtificial intelligence8.1%4.2%1.7%2.0%2.0%2.7%4.6%1.0%3.5%0.5%0.7%0.3%0.3%0.3%APAC42|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteAp

119、pendix C:Technology budget distribution and growth for Europe European banks are the exception in AI budget allocation:Only European banks see an increase in AI budget allocation at 30%,rising marginally by one percentage point from Volume 3.This rise was led by an increased allocation to deep learn

120、ing,partially offset by a fall in ML and LLM allocations.Cybersecurity followed AI with a share of 24%of technology budget allocation.RPA gathers momentum:Banks in Europe indicated an increase in allocation to RPA at 9%,in line with the average bank in our survey.Cloud,real-time payments and quantum

121、 computing see a marginal rise in allocation:European banks allocation to cloud,real-time payments,and quantum computing marginally increased from Volume 3.1.N=67,where N is the number of European banks surveyed in Volume 4.2.N=69,where N is the number of European banks surveyed in Volume 3.3.Budget

122、 allocation is based on the 13 technologies we surveyed and not total technology budgets.Notes:0102030402261892426891213344599107102930TechnologyArtificial intelligenceMachine learningLarge language modelsDeep learning or neural networksCybersecurityCloud computingBanking as a service platformOpen b

123、anking or APIsRobotic process automationReal-time paymentsQuantum computingBlockchainVoice technologiesVirtual or augmented realityPercentagepoint change Average budget allocation(%)EuropeVolume 4:Nov 24Volume 3:Aug 241-1-13-21-1001100-1Infosys Bank Tech Index:Volume 4 November 2024|43External Docum

124、ent 2024 Infosys Limited Knowledge InstituteTechnology budget distribution and growth for Europe AI spending growth ahead of peers:The spending on AI by European banks is likely to increase by 8.1%,during July to December 2024,led by a rise in ML.This growth is higher than the global average of 7.7%

125、.Cybersecurity and banking as a service marginally lags global average:European banks expected spending on cybersecurity at 4.3%is slightly lower than the spending by peers at 4.7%on the technology.The spend on banking as a service at 2.9%is also expected to lag peer spending of 3.5%Cloud spend grow

126、th higher than peer group:Banks spending on cloud at 3.2%is higher than the 3%likely growth in spending on the technology by peers.Projected spending growth during July to December 20241.N=67,where N is the number of European banks surveyed in Volume 4.2.N=69,where N is the number of European banks

127、surveyed in Volume 3.Notes:EuropeDeep learning or neural networks8.1%4.6%1.3%2.1%3.2%4.3%2.9%1.8%1.5%1.2%0.6%0.4%0.4%0.1%Voice technologiesBlockchainVirtual or augmented realityQuantum computingReal-time paymentsOpen banking or APIsRobotic process automationBanking as a service platformCloud computi

128、ngCybersecurityLarge language modelsMachine learningArtifcial intelligence44|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteAppendix C:Technology budget distribution and growth for Latin America Latin American banks continue to put money into

129、AI and cybersecurity:Banks allocated 28%of budgets to AI,followed by cybersecurity with 26%in their most recent reported quarter.However,their allocation has decreased since Volume 3.Within AI,ML and LLMs led the decline.Increasing focus on banking as a service,open banking,and real-time payments:La

130、tin American banks increased allocation to banking as a service,open banking,and real-time payments.RPA saw a dip in allocation:Allocation to RPA reduced by two percentage points among Latin American banks.1.N=50,where N is the number of Latin American banks surveyed in Volume 4.2.N=49,where N is th

131、e number of Latin American banks surveyed in Volume 3.3.Budget allocation is based on the 13 technologies we surveyed and not total technology budgets.Notes:TechnologyArtificial intelligenceMachine learningLarge language modelsDeep learning or neural networksCybersecurityCloud computingBanking as a

132、service platformOpen banking or APIsRobotic process automation(RPA)Real-time paymentsQuantum computingBlockchainVoice technologiesVirtual or augmented reality-4-4-44-31-24220-101Percentagepoint change Latin AmericaAverage budget allocation(%)9136102832913610262981011103535112323051015202530Volume 4:

133、Nov 24Volume 3:Aug 24Infosys Bank Tech Index:Volume 4 November 2024|45External Document 2024 Infosys Limited Knowledge InstituteTechnology budget distribution and growth for Latin America Latin American banks set to lag peers in AI spending:AI spending by Latin American banks is likely to increase b

134、y 6.6%,much lower than the overall average of 7.7%.This lag is due to slower growth in LLMs and ML spending.But the regions banks are likely to spend higher on deep learning.Banking as a service and cloud spending growth lags peers:Latin American banks spending on banking as a service(2.6%)and cyber

135、security(4.3%)is lower than the 3.5%and 4.7%spending by peers on these technologies.1.N=50,where N is the number of Latin American banks surveyed in Volume 4.2.N=49,where N is the number of Latin American banks surveyed in Volume 3.Notes:Projected spending growth during July to December 2024Blockcha

136、inVirtual or augmented realityQuantum computingVoice technologiesReal-time paymentsOpen banking or APIsRobotic process automationBanking as a service platformCloud computingCybersecurityDeep learning or neural networksLarge language modelsMachine learningArtificial intelligence6.6%3.3%0.8%2.4%4.3%3.

137、4%2.6%1.9%1.2%0.6%0.4%0.4%0.3%0.2%Latin America46|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteAppendix C:Technology budget distribution and growth for Middle East and Africa Middle East and African banks focused on AI and cybersecurity:Bank

138、s allocated 28%of budgets to AI,followed by cybersecurity with 25%in their most recent reported quarter.Within AI,budget allocation to deep learning surged,while allocation to ML and LLMs dropped Significant boost to banking as a service:Middle East and African banks saw a surge in allocation to ban

139、king as a service.1.N=52,where N is the number of Middle East and African banks surveyed in Volume 4.2.N=55,where N is the number of Middle East and African banks surveyed in Volume 3.3.Budget allocation is based on the 13 technologies we surveyed and not total technology budgets.Notes:0102030401212

140、34711710913282923345612111225612Middle East and AfricaAverage budget allocation(%)TechnologyArtificial intelligenceMachine learningLarge language modelsDeep learning or neural networksCybersecurityCloud computingBanking as a service platformOpen banking or APIsRobotic process automationReal-time pay

141、mentsQuantum computingBlockchainVoice technologiesVirtual or augmented reality-1-4-3601-4601-11-1-1Percentagepoint change Volume 4:Nov 24Volume 3:Aug 24Infosys Bank Tech Index:Volume 4 November 2024|47External Document 2024 Infosys Limited Knowledge InstituteSpending on AI likely to increase,althoug

142、h lags peers:The spending on AI by Middle East and African banks is likely to increase by 7%,which is slower than the overall average of 7.7%.ML and LLM spend is likely to lag peers.Technology budget distribution and growth for Middle East and Africa 1.N=52,where N is the number of Middle East and A

143、frican banks surveyed in Volume 4.2.N=55,where N is the number of Middle East and African banks surveyed in Volume 3.Notes:Middle East and AfricaProjected spending growth during July to December 2024Virtual or augmented realityQuantum computingReal-time paymentsBlockchainOpen banking or APIsVoice te

144、chnologiesRobotic process automationCloud computingBanking as a service platformCybersecurityDeep learning or neural networksLarge language modelsMachine learningArtificial intelligence7.0%3.9%1.0%2.1%4.8%3.8%3.1%1.8%0.9%1.2%0.8%0.6%0.4%1.0%48|Infosys Bank Tech Index:Volume 4 November 2024External D

145、ocument 2024 Infosys Limited Knowledge InstituteAppendix C:Technology budget distribution and growth for North America AI and cybersecurity continue to lead North American banks budget allocation:Banks allocated 27%of budgets to AI and cybersecurity each.Allocation to AI dropped since our previous e

146、dition due to a fall in allocation to LLMs and ML.Significant boost to open banking and APIs:North American banks saw a surge in allocation to open banking and APIs.The regions banks also increased allocation to banking as a service.1.N=100,where N is the number of North American banks surveyed in V

147、olume 4.2.N=109,where N is the number of North American banks surveyed in Volume 3.3.Budget allocation is based on the 13 technologies we surveyed and not total technology budgets.Notes:31271210117810282713116861145432112North AmericaAverage budget allocation(%)TechnologyArtifcial intelligenceMachin

148、e learningLarge language modelsDeep learning or neural networksCybersecurityCloud computingBanking as a service platformOpen banking or APIsRobotic process automation(RPA)Real-time paymentsQuantum computingBlockchainVoice technologiesVirtual or augmented reality05101520253035Volume 4:Nov 24Volume 3:

149、Aug 24-4-2-42-2-125100001Percentagepoint change Infosys Bank Tech Index:Volume 4 November 2024|49External Document 2024 Infosys Limited Knowledge InstituteAI spending likely to grow in line with global peers:The spending on AI by North American banks is likely to increase by 7.8%during July 2024 and

150、 December 2024,in line with the overall average of 7.7%.Cybersecurity and banking as a service spending growth higher than peer average:North American banks projected spending growth on cybersecurity at 5.1%and banking as a service at 4.3%is higher than the 4.7%and 3.5%spending by peers,respectively

151、.Technology budget distribution and growth for North America 1.N=100,where N is the number of North American banks surveyed in Volume 4.2.N=109,where N is the number of North American banks surveyed in Volume 3.Notes:North AmericaProjected spending growth during July to December 2024Virtual or augme

152、nted realityBlockchainOpen banking or APIsQuantum computingReal-time paymentsVoice technologiesRobotic process automationCloud computingBanking as a service platformCybersecurityDeep learning or neural networksLarge language modelsMachine learningArtifcial intelligence7.8%3.8%1.9%2.1%5.1%4.3%2.9%2.4

153、%1.2%1.0%0.9%0.9%0.4%0.3%50|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteAppendix E:Most banks have fewer than 50%of their technology projects on track Technology project success by size 1.N=379,where N is the number of banks surveyed in Vol

154、ume 4.2.N=396,where N is the number of banks surveyed in Volume 3.Notes:0%0%24%Proportion ofprojects on trackTotal asset category50%to 75%25%to 50%0%to 25%$10bn to$50bn$50bn to$250bnMore than$250bnOverall$10bn to$50bn$50bn to$250bnMore than$250bnOverall$10bn to$50bn$50bn to$250bnMore than$250bnOvera

155、ll0%10%20%30%40%50%60%70%80%Banks(%)57%59%32%36%29%35%0%1%1%3%64%67%76%75%64%68%41%43%0%1%Volume 4:Nov 24Volume 3:Aug 24Infosys Bank Tech Index:Volume 4 November 2024|51External Document 2024 Infosys Limited Knowledge InstituteTechnology project success by region Most banks have fewer than 50%of the

156、ir technology projects on track 0%10%20%30%40%50%60%70%80%0%0%1%0%2%1%0%0%2%1%62%63%72%64%79%62%61%64%70%69%67%35%30%31%21%38%36%32%38%37%28%39%36%Banks(%)Proportion ofprojects on trackRegion50%to 75%APACEuropeLatin AmericaMiddle East and AfricaNorth America25%to 50%OverallAPACEuropeLatin AmericaMid

157、dle East and AfricaNorth America0%to 25%OverallAPACEuropeLatin AmericaMiddle East and AfricaOverallNorth AmericaVolume 4:Nov 24Volume 3:Aug 2452|Infosys Bank Tech Index:Volume 4 November 2024External Document 2024 Infosys Limited Knowledge InstituteAuthorsAnalysis and productionSamad Masood|Infosys

158、Knowledge Institute,London Sharan Bathija|Infosys Knowledge Institute,BengaluruDylan Cosper|Infosys Knowledge Institute,DallasIsaac LaBauve|Infosys Knowledge Institute,DallasPramath Kant|Infosys Knowledge Institute,BengaluruEditorsKate Bevan|Infosys Knowledge Institute,LondonPragya Rai|Infosys Knowl

159、edge Institute,BengaluruAbout Infosys Knowledge InstituteThe Infosys Knowledge Institute helps industry leaders develop a deeper understanding of business and technology trends through compelling thought leadership.Our researchers and subject matter experts provide a fact base that aids decision mak

160、ing on critical business and technology issues.To view our research,visit Infosys Knowledge Institute at or email us at .2024 Infosys Limited,Bengaluru,India.All Rights Reserved.Infosys believes the information in this document is accurate as of its publication date;such information is subject to ch

161、ange without notice.Infosys acknowledges the proprietary rights of other companies to the trademarks,product names and such other intellectual property rights mentioned in this document.Except as expressly permitted,neither this documentation nor any part of it may be reproduced,stored in a retrieval system,or transmitted in any form or by any means,electronic,mechanical,printing,photocopying,recording or otherwise,without the prior permission of Infosys Limited and/or any named intellectual property rights holders under this document.For more information,contact I|NYSE:INFYStay Connected