From mainframes to quantum computing, Absa Group CIO Johnson Idesoh provides an overview of the bank’s outlook on some key technologies.
In this episode of ITWeb TV, group editor Adrian Hinchcliffe chats to Johnson Idesoh , group CIO, at Absa , about the banking group’s digital transformation journey and its outlook around the adoption of a number of current and emerging technologies. # Absa #banking #itwebtv
Absa spends approximately 25% of its operating expenses on technology, Idesoh said. In its 2023 financial report, Absa reported operating costs of R54.5 billion. He added the banking group spends R3 billion on digital transformation every year. “Our intent is not to migrate mainframe to the cloud. I know some companies have chosen to do it. Whenever we adopt cloud, we're looking for the business value first, so to replace mainframe as an infrastructure with cloud as an infrastructure.
Regarding blockchain, Idesoh said the bank is interested in two areas – stablecoin and digital identity. On digital identity, he said Absa partnered with several other banks five or so years ago, and banking use cases would be focused on onboarding and identity verification.
Genai Banking Absa Johnson Idesoh Cloud Computing Blockchain Crypto Currency Digital Identity Metaverse Quantum Computing Mainframes
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