Turner Little took to investigating the business priorities of global banks in 2018, to better understand what our banks are doing to restore customer faith
According to a recent report, banking consumers are fed up with the unclear, complicated language and charges in traditional banking but bankers are positive about their ability to improve their financial performance in 2018.
To ‘protect’ comes out on top. In fact, the highest priority in every category is to ‘enhance cyber and data security‘ – at 89%, plainly indicating this is an urgent focus.
Other high priorities include to ‘implement a digital transformation program, (85%), to ‘recruit, develop and retain key talent’ (83%) and to ‘gain efficiencies through technology adoption’ – at 82%.
Lower priorities include to ‘optimise the balance sheet’ (78%), to ‘meet
compliance and reporting standards’ (77%) and to ‘improve risk management’ – at 77%.
James Turner, managing director of Turnerlittle.com, comments: “It’s clear traditional banks need to embrace digital advances, such as those under the FinTech umbrella, to drive opportunity. Not only will this improve efficiency and help to manage risk; it’s critical to sustainable success.
“In fact, it is understood embracing digital innovation will provide banks with the key to reach their goals in 2018 and to appease fed up consumers. It’s time to move with new advances, rather than wasting energy, money and custom fighting the tide.”
Within the next three years, 40-60% of companies will choose to purchase the following digital advances:
- Artificial Intelligence
- Augmented and Virtual Reality
- Cloud Technology
- Cryptography/cybersecurity technology
- Identification software based on biometrics
Further to this, Turnerlittle.com identified the top five reasons banks will invest in technology this year:
- To ‘strengthen competitive positioning and build market share’ is the number one reason banks will look to invest in technology – at 70%.
- To ‘expand ability to acquire, engage and retain customers’ (67%)
- To ‘generate cost savings and operating efficiencies’ (62%.)
- To ‘mitigate growing cybersecurity threats’ (58%)
- To ‘drive digital transformation program’ – at 51%.
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