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Banks must be ready for a tech-driven future, says EY

Jan 31
 
Tags: Ernst & Young LLP
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Banks must be ready for a tech-driven future...

Management consultants working in banking and financial services will continue to see innovation and technology shape the development of the industry over the coming years.

That's according to the EY Global Banking Outlook 2018, which was based on a survey of senior executives at 221 financial institutions across Europe, North America, Asia and various emerging markets.

One of the key themes in the research findings suggested that many banks are targeting digital maturity, with a focus on shifting from regulation-based transformation to innovation-led change.

While less than a fifth (19 per cent) of respondents said they would describe their organisation as digitally maturing or a digital leader at the current time, 62 per cent hoped to fit one of these descriptions by 2020.

In terms of specific priorities for the near future, 89 per cent of bankers said improving cybersecurity would be their primary goal for 2018. Last year's leading objective of managing reputational, conduct and culture risks dropped to sixth place in the latest study.

Another big consideration is implementing a digital transformation programme, which 85 per cent of respondents cited as a key business focus for this year.

Nearly six out of ten banks (59 per cent) predicted an increase of more than ten per cent in their technology investment budgets in 2018. Seven out of ten said the key motivation behind their tech investment was to gain a competitive advantage in the industry.

Jan Bellens, EY global banking and capital markets deputy sector leader, said: "In order for banks to weather the performance challenges that lie ahead, they must prepare for a future led by innovation and technology. The pace of innovation continues to accelerate, and banks must have a strategy in place to ensure their implementation of new technology is effective."

Bill Schlich, EY global banking and capital markets leader, said banks must find the right strategies to tackle "evolving risks" and achieve sustainable profitability in an increasingly competitive marketplace.

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Image: monsitj via iStock

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