Banks are bracing for tougher economic conditions and a possible global recession in 2023, says Forrester in “Predictions 2023:Banking”. “But the smart firms will ensure that the investments they do make will put them in a strong position for the subsequent economic upturn,” says the consultancy. Banks will continue to invest in digital for good reason, the report predicts.
“Banks will redirect 60% of innovation spend to tangible, real-world innovation. Two ways lead out of a recession: Innovate your way out, or rampantly cut costs — digital 2.0 enables both.” But some banks won’t get the opportunity, the consultancy warns, suggesting that 15% of banks will fail to tackle their technical debt and become uncompetitive.
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