.svg)
Rapid innovation
With legacy infrastructure creating operational inefficiencies, hindering integration, and increasing costs, established financial services firms must overhaul old systems or risk disruption by faster, more tech-savvy competitors.
Elevated demands
Customers now expect seamless, omnichannel experiences, but expensive and clunky legacy systems prevent established financial services companies reacting quickly to change, offering personalized services, and deepening customer relationships.
Market saturation
Margins are declining as new players enter the market and costs are squeezed. As interest rates continue to fall and with limited ability to expand the customer base, profitability relies heavily on customer loyalty and relationships.
Digital skills shortage
Existing employees lack digital and advisory skills, while younger talent lacks necessary resilience and experience. Firms struggle to adapt workforce profiles to match and attracting talent is also hard due to the perception of banking roles.
External forces
Heavy regulatory requirements increase compliance costs while societal scrutiny and risks to reputation demand proactive management. Balancing innovation and compliance is costly and resource-intensive.
Rising expectations
Low client demand and inconsistent reporting standards make ESG initiatives difficult to implement profitably. Alongside fear of accusations of greenwashing, banks are hesitant to invest despite rising societal expectations.
