Top issues for banks in 2022 and beyond
A relentless shifting of the competitive banking landscape has heightened the need for speed to attract and retain tech-savvy customers. The ability of industry executives to swiftly anticipate, react and adapt to challenges and opportunities will be among the most critical success factors in the evolution of the bank of the future.
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Winning institutions will craft strategies based on an understanding of their capabilities, infrastructure, markets and the customers they serve. Successful execution will require a balance of innovation growth “bets” and stable activities.
In today’s marketplace, any company with the ability to grow and manage consumer money is competing for market share. Banks have an opportunity to modernize their infrastructure and succeed as customer-centric organizations.
Banks are intensifying their cost transformation programs, but many are struggling to digitize key functions and eliminate non-value-add activities. Better cost optimization can improve your profitability and efficiency. Read more
Competition for tech-savvy customers is only beginning. The value of collaboration with fintechs has never been greater and will intensify. More than ever, success requires sophisticated diligence and meticulous execution.
As regulatory expectations increase, banks face heightened levels of supervision. To prepare for expanded oversight, key areas of consideration include customer service, privacy and protection, fairness and sustainability.
Sustainable, socially responsible behavior is already expected by bank stakeholders. As regulators indicate interest in creating mandatory climate risk disclosure rules, banks will want to review their readiness to meet such rules.
Regulators have called cyber risk the foremost danger to financial stability. Given the highly interconnected nature of the banking sector, all participants must implement initiatives to counter current and emerging threats.
Crypto currencies and other digital assets are becoming attractive to banking customers as an investment. Banks must be prudent and view them through the lens of trust, transparency and auditability.
Technology talent acquisition and retention are a key objective of the banking industry. The competition for talent will be intense not only within financial services, but also from technology firms, start-ups and other industries.
Banks can expect a continuing evolution of legislation and regulations in their operating environment. Tax professionals will need to quickly adapt to new rules and developments that could impact their organizations.
Shifting to a higher gear
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