Financial services have demonstrated their capacity to successfully navigate unprecedented levels of uncertainty over the past two years. Keeping businesses operating as usual under remarkable and unknown circumstances required rapid deployment of digital tools to address virtual sales, improve collaboration, and upgrade networks and enterprise security. Through a combination of grit, determination, and a willingness to innovate and embrace new technologies, the industry has emerged on the other side of the pandemic stronger than before.
Looking ahead, 2023 promises more regulations and transparency requirements due to geopolitical and economic challenges, including the war in Ukraine, demand for more sustainable practices, rising inflation, continued supply chain disruption, and the possibility of regional or even global recession.
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The lessons BFSI leaders have learned since 2020 must be applied to address these challenges and identify opportunities; leveraging smart strategy and execution, focusing on technology, risk, regulation, and purpose. Leaders will harness cloud capabilities for more core and noncore workloads. Combined with legacy decommissioning, this shift will reduce businesses’ operational expenses and allow them to remain agile and responsive to rapidly changing market conditions. The use of automation will also increase, improving business efficiency and enabling the creation of smart processes. This will be crucial to survive a year likely to be characterised by thin margins.
Additionally, emerging technologies including big data, artificial intelligence, machine learning, deep learning, the metaverse, and other complementary technologies such as robotic process automation (RPA) will all be more widely adopted across the financial services and payments industries.
The “new normal” may fully emerge in 2023. We will have the chance to define the future, where profit and purpose are intertwined. In order to move the financial services industry forward, leaders need to be poised and ready.
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