It’s time for banks to rethink.
Avanade recently spoke with The Banker, the world’s premier magazine for the industry, about the changes necessary for banks to adapt effectively to the pandemic environment. Michelle Baxter and Saurabh Verma, Avanade industry leads for North America and APAC respectively, discussed the challenges faced by many banks and how applying technology can significantly drive successful business outcomes in three areas: customer demand management, cost optimization and getting ready for growth.
Read this short article originally published in The Banker as part of their Masterclass program.
“Banks have under-invested in digital transformation and those that were behind struggled to meet customer demand in this new environment.
“Many banks are now seriously considering moving to the cloud. Banks have fundamentally recognized the need to be more agile.”
“Now is the time to address key areas that have been draining the budget, impacting staff and productivity. Banks need to address risks around systems that are complex and difficult to change.
“Digitization needs to be more than ‘skin deep’ and the banks that invested end-to-end in digitization were able to scale well during the crisis.”