BANKING
What are the current trends shaping the evolving banking ecosystems and the core drivers for the industry ’ s digital evolution ?
42
'
W idespread adoption of digitalisation ’ — a phrase that many within the banking industry would define as a pivotal moment of change from which it would never look back . As high speed innovation
creates new customer demands and competition , global IT budgets in the sector need to meet the predictions of a surge of up to US $ 297bn by 2021 , to combat the challenges facing the industry .
Microsoft defines success for financial services facing the challenges of digitalisation in the coming decade , as depending on “ how well they transform ‘ business as usual ’ with technology to create new value , becoming indispensable partners in increasingly interdependent networks and complex value chains that cross business and industry boundaries .”
To maintain a competitive advantage , companies must embrace new business models that combine agility and security with trust at the heart of their strategies . “ The business imperative — in an industry of inherently and
MAY 2020