To analyse current developments, Frankfurt Main Finance member Deloitte conducted a global survey of 400 industry executives. Among other things, the report provides answers to the questions: How should competition for talents in the labour market or digital assets be dealt with?
More than ever, banks are at the crossroads between success and failure. The pandemic was an enormous strain that tested the resilience of banks to the utmost in unforeseen ways. Nonetheless, institutions have been able to recover and are emerging stronger from the crisis. But how can the newly gained strength be used in a targeted way to reach new heights?
To do so, a number of challenges must be mastered: The new financial architecture created by digital assets is changing the way money is created, transferred, held and owned. In addition, where and how work will be done in the future is being redefined. The battle for talent in the labour market is shifting the balance of power. In addition, fragmented IT systems prevent banks from realising the full potential of their investments. It is also becoming increasingly important to align the corporate identity with a higher purpose. This requires, among other things, following up the many ESG promises with concrete actions.
But there are many more hurdles to overcome. As the window of opportunity for decisive action is closing, banks should be more courageous and determined than ever. Only in this way can the necessary change succeed and the desired successes be realised.
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