Tendencias Bancarias: tu transformación digital en 2023

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Qué tendencias bancarias están impulsando la innovación de la industria para 2023, comienza tu viaje hacia la transformación digital y mejora la eficiencia operativa.

Banking Trends Whitepaper 2023, Defend then capitalize

Las tendencias que impulsan la innovación en el sector bancario para este y los próximos años: la transformación digital y la eficiencia operativa son prioridades.

¿Qué tendencias tendrán en cuenta los bancos para promover el cambio?

La situación actual desfavorable presiona a los bancos, por lo que la estabilidad y la resiliencia son esenciales. Sin embargo, la innovación y la transformación digital deben ser prioritarias para que los bancos ofrezcan más valor al cliente y sigan siendo competitivos. Analizamos las previsiones y perspectivas de los expertos para compartir los principales temas relacionados con los desafíos del sector bancario para el año 2023.

La incertidumbre económica crea la necesidad de equilibrar la estabilidad con la innovación

Las tasas de interés y la inflación están elevadas, y la demanda de los consumidores se está ralentizando. Los economistas afirman que hay una probabilidad de 7 sobre 10 de que Estados Unidos entre en recesión en 2023.

La incertidumbre económica crea la necesidad de equilibrar la estabilidad con la innovación

Las tasas de interés y la inflación están elevadas, y la demanda de los consumidores se está ralentizando. Los economistas afirman que hay una probabilidad de 7 sobre 10 de que Estados Unidos entre en recesión en 2023.

En este escenario actual y desafiante, los bancos con visión de futuro no pueden simplemente esperar a que la tormenta pase. Es fundamental que inviertan en innovación para estar preparados al momento en el que la economía se recupere. En este sentido, es necesario explorar nuevas fuentes de valor e ir más allá del pensamiento tradicional.

“La reducción de costos se ha convertido en una prioridad para el 73 % de las empresas de servicios financieros”
Forrester
Banks are challenged to provide a more compelling digital customer experience.

During the pandemic, customer experience (CX) was transformed to involve more digital and hybrid interactions. Customers now demand digital services and have high expectations.

Banking organizations compete by delivering new sources of value, often based on technological advancements.

Adopting advanced technologies can be a way to gain greater operational efficiencies and maintain a competitive advantage. Digital inertia and a lack of technology investment will come at a cost to banking organizations.

Digital transformation is forging ahead in the banking sector; don’t get left behind.

Everyone is looking ahead to the digital end game, and banks are realizing that digital transformation has the ability to unlock cost savings and business value. Banks have plenty of data, but they often lack the means to derive value from it. Accelerated digital transformation gives banks the tools to transform the foundations of banking.

Resource constraints lead to prioritizing conservative objectives.

Banks are facing resource constraints including loss of productivity due to attrition among existing talent and challenges in recruiting new talent. They are now prioritizing more conservative objectives — customer experience (CX), operations excellence and new products/services — above revenue growth. Initiatives around operational efficiency and effectiveness are a priority.

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La eficiencia en los procesos bancarios es una forma de ganar terreno con cautela

Es importante que los bancos den prioridad a la eficiencia operativa y al control de costos. Los «mineros de procesos» serán vistos como héroes para los bancos en la medida en que se centren en la eficiencia operativa y las iniciativas de eficacia.

Los bancos se enfrentan al reto de ofrecer una experiencia digital más atractiva para el cliente

Durante la pandemia, la experiencia del cliente (CX, por su origen inglés: customer experience) se transformó para involucrar más interacciones digitales e híbridas. Actualmente, los clientes exigen servicios digitales y también tienen expectativas más altas.

Las organizaciones bancarias compiten ofreciendo nuevas fuentes de valor, por lo general, basadas en avances tecnológicos

La adopción de tecnologías avanzadas puede ser una forma de lograr una mayor eficiencia operativa y mantener una ventaja competitiva. La inercia digital y la falta de inversión en tecnología tendrán un costo para las organizaciones bancarias.

La transformación digital avanza en el sector bancario; no te quedes atrás

Todo el mundo está pensando en el final del juego digital, y los bancos se están dando cuenta de que la transformación digital puede traer ahorro de costos y valor comercial. Los bancos tienen una gran cantidad de información, pero, a menudo, carecen de los medios para extraer valor. La transformación digital acelerada les proporciona a los bancos las herramientas necesarias para transformar los pilares del sector bancario.

Las restricciones de recursos llevan a priorizar objetivos conservadores

Los bancos se enfrentan a limitaciones de recursos, incluyendo la pérdida de productividad debido al desgaste del talento existente y los desafíos en la contratación de nuevos talentos. Ahora dan prioridad a objetivos más conservadores — experiencia del cliente (CX), excelencia operativa y nuevos productos/servicios — por encima del crecimiento de los ingresos. Las iniciativas relacionadas con la eficiencia y la eficacia operativas son prioritarias.

“La reducción de costos se ha convertido en una prioridad para el 73 % de las empresas de servicios financieros”
Forrester
Banks are challenged to provide a more compelling digital customer experience.

During the pandemic, customer experience (CX) was transformed to involve more digital and hybrid interactions. Customers now demand digital services and have high expectations.

Banking organizations compete by delivering new sources of value, often based on technological advancements.

Adopting advanced technologies can be a way to gain greater operational efficiencies and maintain a competitive advantage. Digital inertia and a lack of technology investment will come at a cost to banking organizations.

Digital transformation is forging ahead in the banking sector; don’t get left behind.

Everyone is looking ahead to the digital end game, and banks are realizing that digital transformation has the ability to unlock cost savings and business value. Banks have plenty of data, but they often lack the means to derive value from it. Accelerated digital transformation gives banks the tools to transform the foundations of banking.

Resource constraints lead to prioritizing conservative objectives.

Banks are facing resource constraints including loss of productivity due to attrition among existing talent and challenges in recruiting new talent. They are now prioritizing more conservative objectives — customer experience (CX), operations excellence and new products/services — above revenue growth. Initiatives around operational efficiency and effectiveness are a priority.

“Prepárate para ayudar a los bancos a implantar tu visión de una empresa digital”
Gartner

IRON MOUNTAIN’S POINT OF VIEW ON 2023 BANKING TRENDS

THE IMPACT OF THESE PREDICTIONS AND HOW THEY DRIVE DECISIONS.

We believe the trends discussed above will drive banking organizations’ decision-making in 2023 — either operationally, investment-wise or architecturally.

One overarching, holistic theme for banks this year is the drive to net zero. This is not only in terms of sustainability and carbon footprint, but also in terms of reducing an organization’s footprint in the areas of real estate, physical assets, processes and technology debt. Bank branches are closing, and physical assets, including IT assets, will be reduced. Processes are being streamlined and modernized, including adopting an agile approach. Banks must eliminate outdated technologies and modernize legacy architecture. Finally, environmental, social and governance (ESG) has become a business imperative, and banks are under pressure to meet their goals. These include reducing environmental greenhouse gasses, achieving net zero carbon usage, and demonstrating tangible results.

Ensure Stability, Resilience and Trust, backed by Data Security

IN 2023, BANKS SHOULD:

  • Face the Looming Recession Head-On. The year 2023 is expected to be economically tumultuous. A global recession is looming; it will drive loan loss provisions higher and also weigh on earnings, asset quality, funding and liquidity. All businesses must prepare for difficult times, yet there are also opportunities in a recessionary environment. This is the time to reassess traditional product, service and industry boundaries to create new sources of value.
  • Ensure Stability, Resilience and Trust, backed by Data Security. Stability, resilience and working with trusted organizations will be guiding principles in 2023. This is supported by data security which is foundational to all decisions. Operating models may be improved with better processes, skills and cybersecurity. We anticipate some banks will move their tech budgets away from transforming core systems toward digital engagement solutions — but this won’t solve the problem. A modern core lets banks provide real-time information to deliver better products and services.
  • Renew Focus on Operational Efficiency Initiatives (OEI). Operational efficiency and cost control will be prioritized in 2023, aligning innovation with the initiatives of automation and efficiency. Advanced technologies, such as AI, have the potential to help banks achieve radical cost reductions, which will be a major focus in such a volatile revenue environment.
  • Embrace the Hybrid Experience. Banking customers often prefer hybrid experiences over purely digital or physical experiences. It’s important to prioritize CX strategies that are data-driven, consistent across channels, and offer consumers personalized advice to navigate difficult economic conditions. This requires coordination between the front and back offices, as well as the way branch infrastructure works.
  • Tackle the Technology Debt. Many banks are dealing with technology debt as they enter 2023. They are struggling both with technologies that are no longer useful and with legacy architecture that needs to be modernized. Although it’s tempting to avoid technology investment in a downturn, banks that don’t handle their technology debt will lose out to the competition.
  • Invest and Innovate. Given 2023 economic conditions, investment and innovation will be approached cautiously. But those who do not innovate will find themselves further behind. A continued move toward end-to-end digitization will enable complex workflows to be streamlined and automated. Innovation around AI and IoT will help with enhanced decision making and robotic process automation (RPA).

IMPACT ON RETAIL BANKING, COMMERCIAL BANKING AND WEALTH MANAGEMENT

DIFFERENT SUBSECTORS OF THE BANKING INDUSTRY WILL EXPERIENCE DIFFERENT CHALLENGES.

At Iron Mountain, we work with customers who span retail, commercial and wealth management banking. In fact, 2,500 financial services institutions worldwide work with Iron Mountain. Here’s a closer look at how different subsectors within the banking industry will face the challenges of 2023.

In general, banks are facing 2023 in a position of relative strength. Capital buffers are strong, and liquidity is adequate. As a result, due to higher net interest income from rising rates, retail banking should fare well in 2023. However, investment banking performance will probably be mixed due to languishing underwriting and M&A advisory activities.

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Retail banks

 
 

Retail banks

Retail banks will have to deal with higher rates, inflation and lower growth in the near term. However, customer engagement must be a priority for retail banks to stay competitive. Retail banks understand the importance of optimizing digital customer experiences, yet only two out of 10 retail banks are regularly engaged in practices that enable them to do so. A Forrester study shows that retail banks that regularly practice CX optimization grow 3.2 times faster than competitors that don’t. Developing a data driven CX strategy typically requires front- and back-office harmonization, as well as a branch infrastructure overhaul
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Commercial banks

 
 

Commercial banks

Commercial banks are looking at high inflation, recessionary concerns and supply chain challenges in 2023, yet demand for working capital could remain robust. Many commercial banks have announced major layoffs, but IT staff is generally safe as the C-suite knows they can’t afford to fall behind in tech. Commercial banks are thinking more strategically about digital investment, utilizing technology to drive efficiency in back-end processes, smarter workflows and more employee engagement. In addition, ESG initiatives present a massive opportunity for commercial banks to mobilize finance to aid corporate clients as they work toward their own environmental goals.
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Wealth management

 
 

Wealth management

Wealth management is looking at brighter prospects for 2023. Millennials and Gen Z are becoming a larger target market for wealth managers; these clients are tech-savvy and expect a value-added digital experience. They also tend to be socially conscious and want to invest in a way that reflects their values. Front-to-back digitization at wealth management firms is the key to achieving greater efficiency and superior CX. The wealth management segment is also leading the way in embracing AI. According to a recent study, 68% of wealth management organizations are using AI tools to support decision-making processes.

STABILITY, RESILIENCE, AND INNOVATION

AS BANKING INSTITUTIONS MOVE FORWARD WITH THEIR DIGITAL TRANSFORMATION INITIATIVES, IRON MOUNTAIN KNOWS THE ROPES.

We believe banks will renew their focus on operational efficiency and effectiveness initiatives to maintain stability and resilience in 2023. At the same time, they’ll sustain a focus on innovation — including digital transformation — so they don’t fall behind.

Ultimately, by 2027, 93% of managers, directors and executives have a goal to eliminate paper records, according to a research survey commissioned by Iron Mountain. Clean-up of paper records cuts costs and risk, while opening the door to reveal new value from digital information. Digital transformation will be essential as the banking industry evolves and services customers.

Iron Mountain can help banking institutions achieve the following outcomes to fulfill their goals.

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