Growth, Digitalization, and Innovation in Focus of the Banking Sector

Cybersecurity, digital transformation, and the importance of hiring and retaining individuals with key competencies are the most important business priorities for banks worldwide in 2018, according to a study by the auditing and consulting firm EY published on Monday.

Cybersecurity was identified as the most important by 89 percent of respondents, replacing reputation management, which fell five places compared to last year’s survey. Furthermore, 85 percent highlighted digital transformation, while 83 percent marked the importance of hiring, training, and retaining employees with key competencies as a priority, emphasizing the engagement of cybersecurity experts.

According to the results of the Global Banking Outlook 2018 survey, focused on predictions for the banking sector in 2018, banks view investment in technology as a means to enhance efficiency, manage risks, and achieve sustainable growth, the announcement states.

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Maria Božičev, Director of IT Consulting at EY Croatia, emphasized that the rapidly evolving technology and daily innovations have become an integral part of banking.

– This is confirmed by the results of this research, which also demonstrate that a large number of banks have timely recognized the importance of adapting to new trends, she stated.

The survey included members of the management boards of 221 banks from 29 countries in Europe, North America, and Asia, and as noted, it shows that banks strive for a high level of digitalization, nearing the completion of transformation based on regulatory foundations and directing efforts towards the introduction of innovations.

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Božičev emphasizes that by timely implementing digitalization, banks enhance their operations while also eliminating potential threats that could surprise them in the future.

In this context, she cites the data that 19 percent of respondents believe that the bank they work for has reached a high level of digital maturity or is a digital leader in the market, while 62 percent aim to achieve one of the aforementioned by 2020.

– In line with these indicators, banks that have not yet done so should develop a strategy to ensure the effective application of new technologies and improve their operations, concludes Božičev.