The last year has been one of enormous volatility, uncertainty, complexity and ambiguity  (VUCA) within Financial Services. The pre-pandemic transformation journeys that Financial Services players were on have been, or have to be, reassessed to accelerate and in some cases to de-escalate in terms of priority. It is estimated that it will take 3 years for retail banks to return to pre-2019 levels of profitability with leading retail banks being almost 2x as efficient as the typical player in the sector.

The re-shaping of distribution models for retail banks, linked to the increasing demand for hyper-personalised services is driving a new age in banking-as-a-service models. It is estimated that mobile banking has increased by 30% worldwide with HSBC recently announcing that 96% of UK transactions were made digitally. The stampede by banking customers to online channels has brought with it a series of challenges and opportunities. In addition, the low-interest-rate environment has driven a sense of urgency within Financial Services players to accelerate technology-enabled initiatives to reduce both the cost to acquire and the cost to serve customers.

The market landscape demands newer digital products and services provided by organisations who build a culture of innovation and put hyper-personalised services for their clients at the core.

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