Data has become all-important, and US banking is not immune. In 2023 alone, US banks planned to spend north of $5 billion on data initiatives. With generative AI at the doorstep, the urgency around data is greater than ever, along with a palpable concern that a bank could miss out and get left behind unless its data is in order. So far, banks have begun to dabble with generative AI for efficiency gains in small, internal-facing initiatives such as coding, data governance, and automation, as well as in external-facing projects for better targeting and hyper-personalization. 

Below, we share some of the top takeaways from the Banking & Capital Markets Data and Analytics Market Survey. Insights include top priorities, challenges, and success factors, as well as trends in cloud transformation and generative AI.

Below, we share the top five trends from the Banking & Capital Markets Data and Analytics Market Survey: