Banks Refocus Their Visions To Future-Proof Their Business Models
Economic headwinds coupled with unexpected macroeconomic developments
make planning and budgeting for future direction and roadmaps harder than
normal.
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Decision-makers at banks are thinking twice about where to invest.
While they are not shying away from putting money behind their most important
initiatives — over 90% tell us they plan to increase their investments — the focus
of their investments has changed.
With the changes in their environment, it has become more pressing for banks
to adapt swiftly and future-proof their business models. Last year, banks'
future visions and roadmaps focused on innovation, getting better at using
data and analytics tech, and IT integration with partners.
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In 2022, the world
has moved on. Banks future visions and roadmaps reflect this as they now
focus on bolstering resilience to enable themselves to capitalize on growth
opportunities and give rise to new revenue streams. Decision-makers at banks
are aggressively increasing investments in the top priorities of their future
visions and roadmaps, including (see Figure 6):
• Increasing business resilience. To fortify and protect customer data and
operations, integrating cybersecurity with business strategy is the top
priority initiative for banks' future roadmaps. Banks also invest heavily in
localizing and diversifying their sourcing to avoid potential issues in their
supply chains and remove reliance on single or overseas providers. Lastly,
automating more business processes is key, as it allows banks to be more
efficient, especially during periods of change.
THE FUTURE OF DIGITAL BANKING, REVISITED 14
