The famous Pink newspaper has published a survey which shows that 78% of UK banks have “surprised themselves” with their adaptability during COVID-19.
The London-based Financial Times found that nearly three-quarters of respondents said their organization has become more innovative as a result.
The “Innovating in a Crisis: How COVID-19 Changed the Way UK Banks Deliver Core Operations” survey, conducted by FT Focus and supported by Appian, shows that banks are rising to new challenges. Some 78% of banks have “proven more agile than previously thought” and 72% “have grown more innovative in 2020” according to survey results.
Senior UK banking respondents cited “making sales and winning new business” (73%) as the biggest additional challenge posed by COVID-19, followed by “customer services” (72%), then “risk management and compliance processes” (71%).
However, one bank’s challenge appears to be another’s opportunity. Showing that the competitive nature of the market remains despite the crisis, roughly equal proportions of respondents viewed the pandemic and Brexit as opportunities, or threats to business.
Emerging technologies represented the only factor where respondents achieved more of a consensus, with 57% viewing the use of automation, cloud, and AI as opportunities for growth.
“COVID-19 has forced the banking industry to rapidly adapt to new challenges. The survey results prove that banks are able to be agile, innovate and implement new technologies when the market demands,” said Mike Heffner, VP, Solutions and Industry Go To Market at Appian. “Although cost cuts are on the horizon for a significant number of UK banks, finding new ways to stay efficient and deliver compliant, effective service has probably never been more of a priority.”
“We have never seen such transformation, such a drive for innovation, as we have witnessed in the last four or five months [to July 2020],” added Ritesh Jain, COO of Digital Technology at HSBC and an in-depth survey respondent.