The past two years have brought unprecedented disruption to the global economy, and organisations across all sectors have been forced to react and respond in haste. Many of those that have been able to successfully navigate the turbulence have come out the other side in robust shape.
Of course, there are many examples of organisations that have not fared so well. The future looks less punctuated by lockdown, but could be no less turbulent because of; war, economic recession, inflation and a property downturn. Just as the world emerging from its post-covid hangover, a host of global and macro-economic challenges have taken its place.
For financial services organisations, 2023 looks to be a year for consolidation and restraint. But it should also be seen as an opportunity to build the next evolution of your organisation particularly when it comes to technology and digital foundations.
JFK once said “fix the roof while the sun is shining”, meaning get your shop in order while times are good, not when things are tough. The challenge for financial services is that the road ahead is not straightforward. Return on equity continues to be a challenge in the sector, and new entrants (particularly those pesky technology giants) are becoming much more serious in their adventures into the regulated realm.
This is not the time for sitting back, or for cutting investment in technology to the minimum. In a year or two, when things will perhaps have calmed somewhat in the global economy, those that have spent the time continuing to invest in their digital services, in adopting modern ways of working, becoming more operationally resilient – these are the organisations that will be stealing the march on their more cumbersome or change-averse competitors.
In this eBook, we explore some of the key themes for modernisation and transformation we believe will represent competitive advantage in the months and years to come within financial services. Some, like the adoption of cloud platforms and a more product-led approach, are not new, but are becoming increasingly compelling and fundamental.
Others, like operational resilience, are somewhat ancient concepts coming to the fore in a much more modern and strategic way.
Ultimately there is no silver bullet – no single thing on a quadrant (magic or otherwise) that will make or break your transformation agenda. As with most things in life, it is about consistency, genuine investment and commitment, and the realisation that this is a marathon not a sprint. And of course, the best way to get there is with a partner who knows how
to get it done.
Everyone at Airwalk Reply hopes we get the chance to be there on the journey with you. To discuss further, please get in touch.
Where Transformation meets Trust
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