Before the pandemic, pressure was mounting for banks to reduce cost-income ratios.
The subsequent global upheaval expedited the electronification of trading, making it imperative for banks to accelerate the digitalisation of client relationships.
Innovative Fintechs and other disrupters who were early tech adopters pose a significant threat to banks by offering aggressive FX rates and convenient ways of trading.
If found to be lagging behind this digital revolution, banks risk losing revenue and market share.