The Great Reset: Challenges and solutions for global banks in 2022 and beyond 

Download our new report, The Great Reset, for exclusive insights into banking industry trends from 200 senior executives 

Banks are once again at the precipice of monumental change. 

Digital technologies have reshaped every area of finance, and ahead lie transformations of even greater scale as Artificial Intelligence (AI) and machine learning further permeate both finance and wider society.

A great reset of people, processes, and technology inside banks has taken place, and as our new report makes clear, the implications for capital markets are sweeping. 

Along with World Business Research Insights, Confirmation surveyed 200 leaders inside the world’s leading banks to understand how executives are responding to the biggest issues and trends of a generation following two years of turbulence.  

Our findings reveal current attitudes and thinking of C-suite executives charged with developing their businesses to meet the relentless demands of modern markets.  

The biggest challenges faced by banks today 

The Great Reset reveals the key trends and challenges the industry is currently grappling with, and how executives are plotting a course through a landscape laden with cybersecurity, operational, conduct, and compliance risks.  

The digitization of processes is a dominant theme driving everything from automation of back-end processes to hybrid working arrangements, trade reconciliation, and more.  

Shifting customer demographics and attitudes are also increasing demand for digital services, and our report reveals how business leaders are dealing with intense competition with investment into innovation.

Some of banking’s most respected thought leaders give their view on how changing expectations of both clients and senior stakeholders within the business can have an impact on digitization projects, and how to win senior buy-in for important projects.  

Adoption of machine learning tools to crunch exponential amounts of enterprise data is surging, as teams lean on AI to further reduce manual processes, eliminate errors, and empower risk, compliance, and IT leaders to fight fraud. 

How digitization is accelerating change 

As The Great Reset: Challenges and solutions for global banks in 2022 and beyond details, the catalyst for all of this is supercomputing power deployed to create the new technologies that are reinventing companies, markets, customer interactions, and the industry as a whole.  

Machine learning and AI have leveled the playing field for digital-only challengers. As the report underlines, digitized customer touchpoints such as onboarding and help services are changing societal habits with respect to how people prefer to deal with their banks.  

As industry experts inside the report make explicit, opportunity is there for organizations willing to engineer a better future in finance through AI instead of re-treading outdated IT playbooks. 

The changing nature of the modern workforce is also presenting obstacles, and industry leaders give their view of how remote work, resourcing, talent retention, and employee wellness initiatives are being tackled within organizations. 

The Great Reset details which critical new skills are needed to help implement and run automated systems, and respondents overwhelmingly identified one area of bank operations as particularly short on talent and ripe for automation.