Reported by: banking|Updated: December 31, 2020
When we published Top Trends in Commercial Banking 2020 (in Q4 2019), few could foresee that a global health crisis would disrupt – and in some cases transform – so many industries. Now, the uncertainty of 2020 is setting the global tone for the immediate future in the financial services industry.
So it is no surprise banks are laser-focused on business resilience, emphasizing both financial and operational risks. The need to adapt quickly to new normal conditions through virtual customer engagement is clear.
Customer centricity continues to drive commercial banks’ solution designs. And, the pandemic compelled products that deliver immediate client value – quick digital onboarding, seamless lending, and support for small and medium-sized enterprises (SMEs). The onus is now on banks to go to market more quickly, which requires the implementation of intelligent processes and integrating corporates’ enterprise resource planning (ERP) systems with banking workflows.
To achieve go-to-market agility, banks across the globe are investing in and collaborating with FinTechs. Many of these partnerships are focused on boosting digital lending and providing seamless support to anxious small-business clients in need of assurance. With newfound impetus for FinTech collaboration, commercial banks have picked up their step on the path toward OpenX. COVID-19 made it evident that survival during turbulence is manageable through
collaboration with ecosystem players. Hence, banks are transforming their businesses from a product-
led, siloed model to an experiential and agile plan.
As we discuss the top industry trends for 2021, we have highlighted the business impact each of these
trends is on course to make and the relative priority of their adoption by banks worldwide.