Relentless technological change and ever-evolving regulatory requirements mean banks now operate in a high-velocity, always-on environment. The global pandemic intensified disruption, making banks search for ways to build resilience, identify opportunities, and manage risk.

Tightening regulations

Costs and complexity are increasing due to stricter regulations hampering investments in areas that matter for growth. Developing future-proof business models that are embedded in customers’ lives with distinctive and personalized experiences will be key, as will having a sustainable economic model that is less capital-intensive and more focused on growth.
 
This increased complexity makes cost-cutting measures through solutions like automation, process optimization, RPA, and others, more important than ever. Alongside this, IT is still struggling at large banks with legacy decommissioning, moving to the cloud and building an actual partnership with their strategic IT vendors. These vendors themselves have difficulties in retaining talent, increasing risks around maintaining expected service levels and required output.

Talent & ESG are high priorities for banks

Attracting talent and people retention are high priorities for banks. Talent is the heart of the future-ready bank where strong workforces and talent acquisition have major impacts on performance. 
 
In addition, ESG is a key driver for a long-term successful future. On top of imminent regulation, firms face reputational and financial risk if they fall behind on ESG performance. Sustainable finance is therefore of the highest priority. Even so, evidence-based decision-making around ESG with solid tracking mechanisms remains difficult.