Disruptions, be it technological, economic or geopolitical, had forced banks to reassess their current business proposition and embrace an agile and inclusive framework. In these challenging times, the banking industry has no choice but to transform itself. This Q1 2021 edition covers these all-important issues. Plus, we take an in-depth look at the rise of women in power. Download your copy now!
Disruptions had forced banks to reassess their current business proposition
Adjudged by most as a year of caution, the banking industry heading into 2020 was set to work towards adopting and implementing a digital approach through various projects and initiatives, while keeping a close eye on financial performance, creditworthiness and asset quality as most developed economies showed significant signs of slowing down. In addition to managing operational aspects of the banking business, on the regulatory front, global and regional banking regulatory bodies were still fragmented. Disruptions – be it technological, economic or geopolitical, had forced banks to reassess their current business proposition and embrace an agile and inclusive framework.
With concerns and pressure mounting on the banking industry, the unforeseen disruption to global health bought the world to a standstill like never before. The global health crisis – Covid-19 – resulted in most severe measures such as lockdowns and restriction of trade being implemented by most, if not all countries at some point during the first half of the year, thereby ravaging economic activity. In these challenging times, the banking industry transformed itself at the fastest pace yet. Right from implementing internal process efficiencies to enhancing its customer services, banks especially have provided the much-needed critical support and funding, which has enabled numerous businesses to sustain operations.
The Global Retail Banking Innovation Awards 2020 (GRB 2020), our largest awards program to date, witnessed 450+ submissions from banking institutions and financial services providers across the world. The Global Retail Banking Innovation Awards 2020 is a testament to how the banking industry has evolved in a short span of just three years. Our flagship program in its first year in 2018, focused on retail banking products and how banks were on the path to becoming frictionless. In just a short span of time, the mandate for banks and our assessment programs witnessed a rapid shift to largely incorporate technology and digital award categories, which received astounding submissions from participating worldwide institutions.
We hope you enjoy the 2021 Q1 issue of The Digital Banker and we look forward to seeing you at many of our upcoming Awards, Events and Training Seminars. Flick to the back cover of this edition to view our 2021 calendar!