Two years into the covid19 pandemic and the banking industry faces many challenges, from responding to the accelerated environmental, sustainability and governance (ESG) agenda, to shifting workplace/workforce dynamics, systemic societal changes, and a global economy in turmoil.
Despite these challenges, banks are eager to grow, scale, and achieve new customer experience heights. During the lock-down periods, banks demonstrated they could take bold decisions, drive decisive action and deliver real change and customer support at extraordinary speed. With the most prevalent trend in banking today being the shift to digital, now is the time to embed these qualities as they stride boldly into the new normal.
More than two-thirds of banks surveyed (67%) believe they will lose market share within two years if they don’t make significant digital progress, 58% say they will cease to exist completely in the next five to 10 years if they don’t change their business model, and 74% say that technology giants such as Amazon or Google will hold the largest market share of the banking industry within the next five years.
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