At a glance
In this report
Banks are bracing for tougher economic conditions and a possible global recession in 2023. As with past recessions, they will look to batten down the hatches while the storm passes. But the smart firms will ensure that the investments they do make will put them in a strong position for the subsequent economic upturn. In this report, we delve into Forrester’s predictions for banking in 2023.
Details
Description
- Process miners will be the heroes as banks redirect innovation spend. Banks will ignore the allure of the metaverse and prioritize operational efficiency and cost control, aligning innovation around the sweet spot of automation, efficiency, and headcount reduction.
- Banks that fail to tackle their technical debt will lose out to agile competitors. The longer that banks take to shift to modern cores, the higher the risk of losing business to agile competitors that can provide information in real time and configure products and services flexibly or rapidly.
- Green finance’s value will reach $1.2 trillion after a year of stagnation. The global green finance market will recover from 2022 as governments and financial corporations ramp up green financing activities to facilitate economic recovery and meet climate goals.
Additional info
Language: English
Estimated read time: 5 minutes
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