Although the financial services industry has always had to adapt quickly to changing market conditions, the pace of change today is unprecedented. Market volatility, political instability, climate change and pandemic impacts, competition from established and new players, and evolving technology and business models are power drivers of change. Opportunities and risks are prompting firms to become hyper efficient and innovative to survive.
There are big opportunities to reduce overhead with digital channels, processes, and remote workers; turn data into new offerings and revenue; and access new markets, partners, customers, and resources via the Internet. Risks from digital transformation, however, include fraud, cyberattacks, and data security for customers and remote workers.