Nearly three-quarters of banks have become 'more innovative' due to Covid-19, reveals survey

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17th September 2020 11:10 - Financial Services

Nearly three-quarters of banks have become 'more innovative' due to Covid-19: A survey of more than 250 senior executives from UK retail, commercial and investment banks has found that 72% have grown more innovative in 2020 as a result of changes due to Covid-19.

The survey conducted by FT Focus and supported by Appian, titled Innovating in a Crisis: How Covid-19 Changed the Way UK Banks Deliver Core Operations, asked respondents about how their organisation is managing new challenges to banking operations due brought about by the coronavirus pandemic. 

Almost eight in 10 respondents (78%) said that banks have 'proven more agile than previously thought', while 72% have become 'more innovative', according to the survey.

In terms of their response to the pandemic, 66% are planning to cut costs, with the same percentage (66%) expecting to increase automation, and  60% expecting to increase their spending on technology. 

Challenges faced

Looking at the challenges banks have faced due to Covid-19, 'making sales and winning new business' came top, with nearly three-quarters citing it is as a concern (73%). This was closely followed by 'customer services' (72%) and 'risk management and compliance processes' (71%). 

The research also found that crisis has 'sparked greater adaptability and faster innovation cycles' and initiatives that had been planned in the longer-term have been expedited to increase efficiency and productivity. Around 8 in 10 respondents (82%) said that their organisation has accelerated compliance and approvals processes, while 81% are using agile practices to increase the pace of new product or service delivery. 

Mike Heffner, VP, Solutions and Industry Go To Market at Appian, said:

"COVID-19 has forced the banking industry to rapidly adapt to new challenges. The survey results prove that banks are able to be agile, innovate and implement new technologies when the market demands."

You can get the FT Focus report here



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