LONDON, Sept. 16, 2020 /PRNewswire/ — Appian (NASDAQ: APPN) immediately revealed survey outcomes inspecting the response of the UK banking sector to the coronavirus pandemic, revealing that almost three-quarters of respondents say their group has change into extra modern because of this.
The “Innovating in a Disaster: How COVID-19 Modified the Method UK Banks Ship Core Operations” survey, carried out by FT Focus and supported by Appian, reveals that banks are rising to new challenges. 78% of banks have “confirmed extra agile than beforehand thought” and 72% “have grown extra modern in 2020” in line with survey outcomes.
Senior UK banking respondents cited “making gross sales and profitable new enterprise” (73%) as the most important further problem posed by COVID-19, adopted by “buyer companies” (72%), then “threat administration and compliance processes” (71%). Nevertheless, one bank’s problem seems to be one other’s alternative. Displaying that the aggressive nature of the market stays regardless of the disaster, roughly equal proportions of respondents seen the pandemic and Brexit as alternatives or threats to enterprise. Rising applied sciences represented the one issue the place respondents achieved extra of a consensus, with 57% viewing using automation, cloud, and AI as alternatives for development.
On how banks are responding to COVID-19:
- Two-thirds (66%) are planning to chop prices
- 66% predict to extend their automation in response to COVID-19
- 60% predict to extend expertise spending
Along with elevated distant working and on-line improvement, 82% have accelerated compliance and approvals processes, and 81% are utilizing agile practices to extend the tempo of latest services or products supply, suggesting that pre-COVID-19 processes are being sped up.
“COVID-19 has pressured the banking trade to quickly adapt to new challenges. The survey outcomes show that banks are capable of be agile, innovate and implement new applied sciences when the market calls for,” stated Mike Heffner, VP, Options and Business Go To Market at Appian. “Though price cuts are on the horizon for a major variety of UK banks, discovering new methods to remain environment friendly and ship compliant, efficient service has most likely by no means been extra of a precedence.”
“We’ve got by no means seen such transformation, such a drive for innovation, as we’ve witnessed within the final 4 or 5 months [to July 2020],” stated Ritesh Jain, COO of Digital Know-how at HSBC and an in-depth survey respondent.
To study extra about how UK banks have stayed agile beneath stress, learn the complete “Innovating in a Disaster: How COVID-19 Modified the Method UK Banks Ship Core Operations” survey report.
To unpack the survey findings, Appian is internet hosting a webinar chaired by famend FinTech writer Chris Skinner with Appian monetary companies thought-leaders, Mike Heffner and Man Mettrick.
Monday 30 September 2020, 2pm BST
Banking Operations Innovating in a Disaster: Chris Skinner Explores Our Newest Monetary Occasions (FT) Focus Report
The webinar will discover in larger depth how:
- 66% of UK banks responded to the disaster by growing automation
- The disaster sparked larger adaptability and sooner innovation cycles
- Lengthy-planned initiatives have been expedited to extend effectivity and productiveness
Register for the webinarnow.
The survey, carried out by FT Focus, gathered responses from 263 senior UK banking executives throughout July 2020. Respondents held roles at retail banks (43%), business banks (29%) or funding banks (29%). Just below half (49%) had been in C-suite positions, together with 27 CEOs. FT Focus additionally spoke in depth to Ritesh Jain, then COO of Digital Know-how at HSBC, to know intimately how banking leaders are navigating the challenges that emerged within the first half of 2020.
Appian gives a low-code automation platform that accelerates the creation of high-impact enterprise functions. Lots of the world’s largest organizations use Appian functions to enhance buyer expertise, obtain operational excellence, and simplify international threat administration and compliance. For extra info, go to www.appian.com.