Research from UK and offshore company formation agents Turner Little has revealed the top priorities of global banks in 2018.
The company analysed the “Global Banking Outlook 2018” report from professional services and Big Four firm EY, which surveyed 221 financial institutions across 29 markets and found that bankers are feeling positive about boosting their financial performance this year.
Turner Little’s research identified five key priority categories for banks in 2018, with protection being found to be the main focus. More than 85% of banks will aim to enhance cyber and data security this year.
A large number of respondents were also found to be prioritising growth, with more than 80% focusing on the recruitment, retention and development of key talent, whilst 83% plan to invest in technology to reach and service their customers.
Reshaping was also amongst the top priority categories, with 85% of financial institutions looking to implement a digital transformation program.
The study comes after research from UK mobile-only challenger bank Starling Bank revealed the main frustrations of consumers in the UK when it comes to traditional banking. The study showed a demand for faster technology, with consumers saying that they are frustrated with processes and technology that take too long.
Commenting on the importance of digital innovation in traditional banking, Turnerlittle.com Managing Director James Turner said: “It’s clear traditional banks need to embrace digital advances, such as those under the FinTech umbrella, to drive opportunity. Not only will this improve efficiency and help to manage risk; it’s critical to sustainable success.”
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