For instance, maintaining resilience may pose a challenge if employee productivity declines from the myriad effects of the pandemic. BBVA, for example, built new data analytical capabilities through a global data platform and a dedicated “AI factory.”25, Another lesson banks could learn from fintechs is how to leverage customer data and analytics to digitally deliver hyperpersonalized services and engage customers—together with partners—in new and differentiated ways. Title: Investment Outlook - Q1 2021 - Recovering and Rebuilding - Transcript Author: Miranda SPIRO Subject: Investment Outlook - Q1 2021 - Recovering and Rebuilding Created Date: Banks Outlook 2021 . Previously, he was a member of the US and Global Finance Transformation leadership team focused on delivering and advising on large scale change agenda for the CFO, CRO, and CDO within financial services. Georgia’s guides, Airbnb hosts, and restauranteurs – at least those still in business – are desperately hoping that things get back to normal in time to revive the industry this year. But many banks handled the challenges well. Streamlining front-to-back data flows and deploying data analytics will remain prerequisites to achieve the desired efficiencies. But these changes, along with other forces, such as digital acceleration, will likely transform talent models in the banking industry. Global GDP growth was waning, but the pandemic exacerbated the slowdown. View in article, "Realizing the digital promise: Key enablers for digital transformation in financial services," Deloitte and the Institute of International Finance, June 4, 2020. But the real promise of cloud may lie in enabling banks to reimagine business models, foster agility, achieve scale, drive innovation, and transform customer experience. Cloud applications can help in this regard, enabling continuous planning with rolling and driver-based forecasting. View in article, Rhoda H. Woo et al., Confronting the crisis: How financial services firms are responding to and learning from COVID-19, Deloitte Insights, April 29, 2020. For instance, regulators in Europe have reiterated the need for banks to consolidate across borders and drive diversification.54, Similarly, the US Department of Justice is contemplating an overhaul of its outdated bank merger competitive review guidelines to reflect the current realities of a digitized world.55 This may remove barriers to mergers and acquisitions, particularly among smaller/rural banks, according to the Conference of State Bank Supervisors.56. For instance, as banks face capacity constraints in workouts and loan restructuring, conversational AI systems could provide personalized customer experience and improve call-center efficiency.40. In this report, we highlighted what banks should focus on in 2021 and beyond across various business functions. View in article, UBS Media, “UBS achieves ambitious sustainable investment goal ahead of schedule; tightens fossil fuel standards,” media release, March 5, 2020. They should develop new talent models to facilitate flexible, self-organizing teams that come together for a common purpose. Strengthening resilience, accelerating transformation, Redefining the art of the possible in a post–COVID-19 world, Sustainable finance: A unique opportunity for inspiring leadership, Digital customer engagement: The next frontier, Talent: Boosting well-being and productivity through resilient leadership, Operations: Building long-term resilience, and using technology for strategic cost transformation, Technology: Capitalizing on the multiplicative value of different technologies, Finance: Driving strategic value through data, Risk: Creating a new risk control architecture, Cyber risk: Investing for greater resilience, M&A: Rewriting the playbook for a postpandemic world, Key actions to consider in the business segments. Rising trade barriers, October 2020: a long and difficult ascent, October 2019: global downturn! March 2021: global manufacturing downturn, banking industry outlook 2021 trade barriers, October 2019 promote resilience be the ultimate goals behavior... 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