How Retail Banks in the UK & Nordics are accelerating digital transformation in response to fluctuating market conditions
For retail banks in the UK and Nordics, inflationary pressures, rising interest rates and the possibility of prolonged slow or negative GDP growth are creating huge uncertainty in the market. In addition, high energy prices and soaring costs of living are now affecting growing numbers of customers, with consumer confidence at an extremely low level and loan volumes stagnating as a result.
Against this backdrop, to better understand how retail banks are approaching digital transformation and the challenges they face in accelerating their innovation programs, Infosys has undertaken comprehensive research amongst a range of stakeholders the UK and Nordics in January and February 2023. Interestingly, our survey shows that one area where banks won’t be looking to reduce spend will be digital transformation and technology implementation initiatives, that would perhaps traditionally have been seen as non-essential.
It highlights digital transformation is being used as a way to streamline operations, drive innovation and meet soaring customer demand for seamless, personalized multichannel experiences – with an expectation of ROI within one or two years.
