Banking in the New Normal: Where will the biggest gains be made in 2023?
Increasing complexities of empowered customers, digitally enabled challengers, and the pace of technological innovation have disrupted the banking industry since the pandemic.
Three years into the ‘new normal’ business as usual is simply no longer an option. Banks need to rapidly adjust to demanding customer expectations, and deal with the high degree of complexity when it comes to profitably acquiring, onboarding, and serving the right customers at scale.
A year ago, we held an open discussion with senior banking leaders from across the sector – big, small, traditional, challenger, private and commercial. We delved deep into what the future looked like, what challenges they faced and where the biggest gains would be made.
How far along this journey are we in 2023?
What does the new ‘new normal’ look like?
In 2022, two-thirds of banking leaders believed that they would lose market share within two years if they didn’t make significant progress. Since then, they’ve been hit with yet more challenges.
The global economy is in a fragile state as we head into 2023. Russia’s invasion of Ukraine, supply chain disruption, high inflation, rising interest rates and tightening economic policy have created an unprecedented level of uncertainty, both for banks and the business customers they serve.
These challenges have significantly increased the level of urgency when it comes to transformation. Pressure is mounting to increase the pace and scale of change in a manner that delivers impactful results, and a great divide is emerging between those adapting to change, and those who are being left behind.
In our guide ‘Banking in the New Normal’, we analyse the insights of senior banking leaders, uncover where they believe the biggest gains will be made, and explore not only why the winners will be those that deliver on these priorities, but also how they can do it in the quickest and most impactful way possible.
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