A downturn is expected in the UK economy during 2023, with high energy prices and higher interest rates for both businesses and consumers. Businesses will need to look carefully at their spending to protect their margins and demonstrate strong financial stewardship to investors.
All industries will face the same pressures, but financial services firms will need to tackle them at a time when many are fundamentally transforming in response to changing customer needs and the threat from new entrants. It's essential that financial services firms continue to transform during the predicted downturn or they will bear the high costs of operating legacy systems for longer. They also risk losing ground to challengers with lower technical debt and a culture of rapid technical innovation. They need to avoid counterproductive cost cutting, where short-term cost reductions or efficiencies lead to higher total costs in the long run.
- A New Approach to Navigating a Downturn, Process Mining, Product management and FinOps
- A Strategic Approach to Cost Management
- How to Deliver Change