An Economic Downturn Can Be A Catalyst For Strategic Change

Technology professionals in financial services can help their firms turn the challenges of a cyclical downturn into an opportunity to enact lasting strategic change.

Financial service firms are already drawing up and implementing plans to reduce expenses in the event of an economic downturn in 2023. Technology leaders have a unique opportunity to drive those strategies. Recent innovations are allowing companies to streamline outdated technology platforms relatively easily and inexpensively. Simplifying and modernizing a firm’s technology stack can permanently lower the cost base, reduce risk, and improve operational performance. By proactively coming to the table with plans that can deliver those long-term benefits—including the actual sunsetting of legacy applications—technology professionals can help their firms make the best of a bad economic situation, while also solidifying their own roles as key members of the firm’s strategic planning team.