As banks face pressure to accelerate their digital journey amid a constantly changing environment, this catalyst for change brings unique opportunities. While banks face unprecedented challenges, they have a unique opportunity to drive innovation at an unprecedented depth and pace. There is an acceleration of change taking place across the entire bank supply chain. This change is leading to new business models and the faster development of new banking services.
Today, customers, employees and partners expect an easy and engaging digital experience. This requires open banking, real-time everything (starting with payments) and new regulatory schemes. It also demands an awareness of and response to increasing financial crime, as well as the disruptive competitors that are profoundly affecting the traditional banking model.
To address these challenges successfully, creativity coupled with data and innovation, are key. Banks can thrive in a crisis context by becoming proactive rather than reactive and advancing their market position with the support of the right strategic partner.