Banks across the globe are expected to shift priorities towards growth, digitalisation, and innovation in 2018 to be able to remain in business and make profit.
This is one of the highlights of the latest Global Banking Outlook 2018 report conducted by Ernst & Young, EY Global. The survey report was the result of intensive research carried out on Senior Bankers at 221 institutions across Europe, North America, Asia-Pacific and emerging markets.
The report stated that eighty five percent of banks cite implementation of a digital transformation programme as a business priority for 2018. Investment in technology to drive efficiency, manage evolving risks and benefit from growth opportunities is seen by banks as critical for sustainable success.
Addressing cyber security is the top priority for global banks (89%) in 2018, replacing last year’s top priority of managing reputational, conduct and culture risks, which falls to sixth place in this year’s report.
Recruiting, developing and retaining key talent (83%) also garners significant attention as banks strive to integrate cyber experts into their organizations amidst a skill set shortage.
The survey of senior executives showed that banks are seeking to become digitally mature, completing the transition from regulatory-driven transformation to innovation-led change in order to insulate themselves from future downturns. Respondents indicate that few banks (19%) currently consider themselves as either digitally maturing or a digital leader, but more than half (62%) aspire to be one of the two by 2020.