Amid a rapid pace of change, banks are undertaking digital transformations that help them operate faster and better. A new industry perspective paper from PwC and Workday details what can set future leaders apart.
As they race to remain competitive, banks should stay nimble as changes large and small trigger huge ripple effects across the industry.
“This business gets more complicated every day because the definition of banking changes every day,” says Peter Pollini, banking and capital markets consulting leader at PwC.
According to a new industry paper from PwC and Workday, “Banking’s Digital Future: Accelerating Transformation,” many bank leaders see digital transformation as essential to being more responsive, so they can identify and capitalize on opportunities as they arise.
All this tech is only as good as the people operating it. That’s why many banks are upskilling their workforce to help achieve technological proficiency and adapt to new technologies.
While disruption is coming from many directions, senior executives in financial services can set themselves up for long-term success with five key capabilities:
New ways of working. COVID-19 required banks to build the capabilities to help support a remote workforce—and the value of this investment will stretch far into the future. It can give banks the flexibility to entirely rethink their talent and real estate strategy.
Smarter resource management and talent development. Banking leaders should have reliable data to help make strategic workforce management decisions that can drive productivity and profitability.
Holistic approach to digital transformation. A holistic approach to digital transformation allows banks to concurrently evolve operations across various business units. This is more efficient and effective than addressing each function independently.
Investments in data and analytics to drive innovation. Partnering with technology and nonfinancial services companies can help banks innovate at the speed the market demands.
Real-time strategic planning. Banks need real-time data and an agile approach to strategy development. Digital tools such as Workday Adaptive Planning can give leaders the ability to assess different responses to change—and shift their plan accordingly.
To help with these capabilities, many banks are investing in technology such as machine learning that can make their operations faster, fitter, and more agile.
Cloud-based applications, in particular, help banks glean more value from the massive amounts of data at their disposal—and help finance teams provide their organizations better strategic guidance. Cloud-based platforms also allow banks to adapt to shifting regulatory requirements, as well as measure and communicate their progress toward environmental, social, and governance (ESG) goals.
However, all this tech is only as good as the people operating it. That’s why many banks are upskilling their workforce to help achieve technological proficiency and adapt to new technologies.
To learn more about how many successful banks of the future are building innovative ecosystems today, and the five key capabilities that can set future leaders apart, read “Banking’s Digital Future: Accelerating Transformation.”
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