Generative artificial intelligence (AI), autonomic systems and privacy-enhancing computation are three technology trends gaining traction in banking and investment services in 2022, according to Gartner, Inc. These trends will continue to grow over the next two to three years, contributing to growth and transformation of financial services organizations, it said in a statement. "While growth is the top priority, the need to manage risk, optimize costs and increase efficiency also requires new technology innovations," said Moutusi Sau, VP Analyst at Gartner. "Generative AI enables bank CIOs to offer technology solutions to the business in pursuit of revenue growth, while autonomic systems and privacy-enhancing computation are long-term solutions that provide new options for business transformation in financial services." IT spending by banking and investment services firms is forecast to grow 6.1 percent in 2022 to $623 billion worldwide.

Engineering trust, accelerating growth and sculpting change are the three predominant trends Gartner has selected for its Hype Cycle for Emerging Technologies, 2021. They will drive organizations to explore emerging technologies such as nonfungible tokens (NFT), sovereign cloud, data fabric, generative AI and composable networks to help secure competitive advantage, the research firm said. Gartner's hype cycle provides a high-level view of important emerging trends that organizations must track, along with the specific technologies that must be monitored through the themes of trust, growth and change, said Philip Dawson, research vice president at Gartner. Engineering Trust: Trust demands security and reliability, Gartner said. However, it can also extend to building innovations as a resilient core and foundation for IT to deliver business value.