Must-Read Resources for Banking IT Leaders

Technology might not have changed the tenets of banking on a fundamental level, but products have become commoditized. While the services and products might not have changed much, how they are delivered certainly has.

If you’re not sure how best to operate with this new how, you’re not alone. Many banks are finding it difficult to remain competitive while also ensuring that their clients are satisfied and their data is secure. To help banking IT leaders navigate this evolving landscape, Crossfuze has gathered helpful resources about what’s going on in banking. Browse through these articles, thought leadership pieces, and research to stay abreast of the top trends and IT best practices in banking today.

TIPS AND EXAMPLES FOR DIGITAL OPTIMIZATION IN BANKING

• Did you know that ServiceNow can be used for compliance operations? This solution brief shows banks how by covering the basics of ServiceNow, compliance workflow design, regulatory change management, and more.
• Digital banking isn’t just about technology. Tagit explains six key considerations for a wise approach to the digital banking journey.

• BAI presents a weekly thought leadership podcast on banking strategies. Episodes cover everything from guidance on specific tips for digital transformation to insights on how to create a culture that supports innovation.

Through digital transformation, BBVA USA’s branch productivity increased by 40 percent over two years. Read the case study.

Recommended Webinar: Strengthening Operational Resilience in Banking

INDUSTRY OUTLOOK

• In an episode of the podcast Industry Focus: Consumer Goods, fool.com’s Dan Kline gives his insights on banking of the future. The episode covers banking as a service, the demise of overdraft fees, and how companies like Uber and T-Mobile are entering the banking space. Listen to the podcast or read the transcript.
• Looking for a breakdown of IBISWorld's Commercial Banking in the US Industry Report? Browse a chart showing the market size of commercial banking over the past 20 years and read through a Q&A that reveals some findings from the full report. 
• Read “Regional outlook: Europe” from KPMG Global to learn how the banking sectors of selected countries around Europe have responded to the pandemic

HOW THE PANDEMIC IS CHANGING BANKING—AND HOW BANKS SHOULD RESPOND

• Deloitte’s “COVID-19 implications for the banking and capital markets sector” gives an in-depth look at how the pandemic has affected balance sheets. Experts discuss key concerns around Europe and other countries and how they affect these issues.
• This McKinsey article gives actionable insights into how to help banking customers by offering more support for their digital service offerings. 
• This report, based on the EY Future Consumer Index, discusses how the pandemic has changed consumer banking behavior.
• Learn how banks can improve in response to COVID-19 and become “part of the SME life support system” in 4 Digital Transformation Lessons that Banks Need to Learn from Covid-19.

Read this article for a sampling of what UK banks can learn from other markets. The article explores the state of things in the UK and the wins that banks in the Middle East, the United States, and across Europe have achieved during the pandemic.

CHALLENGES AND TRENDS IN BANKING

• Suleman Din at American Banker discusses nine tech challenges facing banks, with information coming from recent industry studies.

• KPMG gives a brief explanation of the three primary causes of strategic anxiety in banking and three tips on how to manage them.
• Read about the three key trends facing banks and how to be ready for them in “a future characterised by uncertainty and continually changing circumstances” in “Banking on Uncertainty - The Future of Financial Crime and Compliance.”
• Fintechs are on the rise. Which new ones should banks look out for? This article explores a handful of contenders.

2020 has been a crucial year for banking IT. Use these resources to make the best strategic IT decisions for your bank. And contact us if you’re ready to take your bank’s IT operations to the next level! At Crossfuze, our comprehensive ServiceNow Resource Center helps organizations take full advantage of the ServiceNow platform. Click here to set up a customized assessment of the state of IT in your bank.