Pandemic fallout catapults banks to the brink of a new era – Banking 4.X

Welcome to Banking 4.X, which will shatter traditional industry boundaries as banks become virtually invisible, and banking is embedded for convenient access within consumer lifestyles. Banking 4.X is an experience-driven, platform-based, optimum channel banking resilient to financial and non-financial threats, built around long-term, sustainable growth where human interactions evolve from servicing to advising.

The prevailing VUCA environment is forcing banking rationalization

The financial services (FS) industry was already struggling through a rough patch. Then, the ultimate black swan, COVID-19, upended the world and created an unparalleled VUCA (volatile, uncertain, complex, ambiguous) environment.

Rising costs and constrained revenue growth have forced banks to rethink their IT spending priorities. On average, 1 in 3 banks are expected to reduce IT budgets or postpone large digital transformation projects. Moreover, approximately two-third banks plan to optimize workforce costs and scale down less profitable operations to reduce their expense base.

 

Banks rationalizing costs and restructuring operations in a profit-sensitive environment

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