European sovereign AI, cloud not yet ready for major banks, Temenos CEO says
XLK•Temenos CEO Takis Spiliopoulos said European sovereign AI and cloud initiatives are not mature enough for major banks, and that solutions usable at scale will take time to develop.
1. Banks face adoption hurdles
Spiliopoulos said banks would not yet consider sovereign data or sovereign AI because the initiatives had not reached sufficient maturity. He said cross-border operations and regulatory requirements remain obstacles, particularly for large banks operating across multiple jurisdictions.
2. Europe seeks technology autonomy
The European Union is seeking to strengthen technological sovereignty through proposals including the Cloud and AI Development Act, aiming to reduce reliance on US hyperscalers. Spiliopoulos said local data centres do not resolve all concerns about where data could ultimately be accessed.
