Digital Transformation in Banking: Strategies for Achieving a Bank-wide Transformation

The COVID-19 pandemic has dramatically accelerated change in the payments industry. Digital payments have soared as the world has worked and played from home. Innovation has ramped up as the payments industry has raced to meet demand and develop new products and services. And organisations’ resilience has come under greater stress as they scramble to meet their payments obligations while mitigating risks such as cyber threats. New research from FIS suggests that as businesses look to focus on recovery from the pandemic, there is widespread acceptance that now is the time to invest in new payments innovations and upgrade capabilities. In particular, real-time payments are at an inflection point. Demand from customers and suppliers is growing, and providers are now overcoming their previous challenges of fragmentation and technology blockages. As the real-time payments model matures, it looks set to be at the heart of the next stage of payments innovation.

Volatile markets, rising rates and lower valuations have put a damper on bank M&A activity in 2022. However, the need to achieve operating leverage and scale has not receded and banks should continuously evaluate how they can maximize stakeholder value. The call for new ways to become more efficient, build scale, expand product offerings, and keep pace with digital adoption remains at the forefront, and partnering with another institution can help banks achieve those goals more quickly. However, in the unprecedented economic environment we’re in, properly assessing risks associated with M&A, particularly if the U.S. economy moves into a recession, is essential.

The game is changing. Accounting teams are expected to close the books faster and more accurately than ever before, and what used to be their entire focus is now just the price of admission. As a result, future-focused accounting and finance leaders must move beyond their traditional role to partner with the business and provide real-time insights. Join us for a webinar with Andrew Page, VP, Corporate Controller at Under Armour, and Molly Boyle, Finance Transformation Expert at BlackLine to learn how to build a world-class organization that delivers value beyond financial reporting.

Amid ongoing advances in technology and ever-increasing expectations that CFOs will take the lead in planning for the future of their organisations, C-level executives should believe they can rely on the accuracy of financial data to inform their organisations’ decisions.