Coronavirus Impact on Banks ‐ The Top Ten List

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Banks back customer facing tech in uncertain times, EY

While only 11% of banking executives expect their financial performance to improve significantly over the next 12 months, 60% are investing in new customer-facing technologies, according to the EY Global Banking Outlook 2017.

Managing reputational risk and meeting regulatory compliance and reporting standards are top of the agenda. The survey of senior executives at almost 300 banks across Europe, the Americas, Africa and Asia-Pacific identified two priorities for growth: recruiting and retaining talent and investing in new customer-facing technology. Dai Bedford, EY Global Banking & Capital Markets Advisory Leader, says: “Banks realise that they cannot wait for a return to normalcy to achieve meaningful profitability. The industry must innovate to grow or optimise their business so they can be more efficient while also meeting the needs of regulators.”

The report encourages banks to streamline operating models and partner with FinTechs, blockchain firms and other industry disruptors to deliver better services, and to be relentless in driving out costs and managing risks that help protect the organisation. Karl Meekings, Lead Analyst, Ernst & Young, EY Global Banking & Capital Markets, says: “The key to success will be building a better ecosystem, not a bigger bank. Institutions must look for alternative ways to be organised and to operate; to have a much thinner spine than they have today.”

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