The industries that make up financial services, whether retail banking, capital markets, payments, or insurance, comprise a varying collection of sectors each with its own defining set of characteristics. However, while these sectors are unique, most are being impacted by a common set of disruptive forces. All are having to respond to shifting customer needs and expectations, powerful new competitive threats, and increasingly stringent and dynamic regulatory oversight while transforming into digital organizations.
Overlay on this concerns about global trade as the OECD forecasts 2020 will see the lowest growth since the financial slowdown, continuing China/US trade tensions and Brexit. And this is all before the potentially devastating impact of COVID-19 on global trade.
In the light of these factors, perhaps unsurprisingly, the latest Omdia ICT Enterprise Insights survey has found that the financial services sector is uncertain and cautious about its near-term prospects and has realigned ICT priorities in the expectation of tough times for the next 12–24 months.
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