Financial services organisations across the world have faced the pandemic with resilience and adaptivity, helping people and businesses alike to get back on their feet.
However, evolving business conditions such as regulatory change, pressure on cost management and growth, and increased investment in technology and data are putting banks at risk of being unable to meet current and future business needs. Couple this with the current geopolitical landscape – and the likelihood of this dominating for months to come, as banking institutions adjust to changing sanctions regimes – and banks must find new ways to improve operational efficiencies and offer exceptional customer experiences.
As the banking landscape has changed, competitors have grown, and so have customer expectations, demanding a more tailored experience for how they interact and transact, leading to increased competition between banks. Therefore, staying competitive in the era of FinTech is paramount to success.
For 2023 and beyond, banks must contend with multiple challenges and changes related to:
- The impact of Covid 19
- Geopolitical tensions
- Rising interest rates and inflation
- Soaring energy prices
- New regulations
- ESG and ethical banking
- Data breaches and cybercrime
In order to succeed, executives need to devise a clear strategy to move forward and maintain a laser-sharp focus on their customers’ preferences, both stated and unstated.
We are experts in creating agents of change, cultures of innovation, and leaders who thrive when confronted with ambiguity. We have created unique development solutions to suit the needs of our financial client portfolio, which includes PGIM, Experian, ING and CPPI.