Building banking resilience during a recession
Future-ready organizations don’t let uncertain times stifle technological advancement, product innovation, or customer focus. The mission is make organizations more resilient. This includes reacting adequately to disruption, investing strategically, and capitalizing on market opportunities.
Some say recession is coming. Others say it’s already here, while still others don’t believe the economy will suffer much in the near-term. No matter what the future brings, financial institutions need to develop a strategy that can recession-proof and future-proof their current business models.
If the economy takes a deeper dive inaction will make it harder to catch up and will put financial institutions further behind the curve as to where the industry is going. It will also make it hard to keep pace with the changes impacting the industry today and goiong forward.
The banking industry has a once-in-a-generation opportunity to transform legacy business models to become more competitive and more resilient during economic upheaval. By integrating data, analytics, advanced technologies, automation and an up-skilled workforce, banks and credit unions can become more future-ready and agile in a crisis. These institutions will also be able to take advantage of unique marketplace opportunities.
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