Crises bring out the best in humans, and that has certainly been evident during the COVID-crisis, especially with banking, which has risen to the challenge more successfully than many expected. Sustaining the momentum post-pandemic will be critical, as economies struggle to recover. To remain robust and profitable, banks will need to pay particular attention to key areas such as transforming costs and reimagining customer relations, aided by talent and innovations.
Banking across the globe has been going through a major transformation over the last few years, and this evolution looks set to continue well into 2018, and indeed beyond.
Artificial intelligence is gaining increasing recognition among bankers as not only an investment opportunity but a very useful tool within their own operations toward the goal of maximizing efficiency and cutting costs. Beyond that, though, forward-thinking bank managers recognize the technology as a double-edged sword, with strong potential to improve the customer value of their product and service offerings.