COVID-19 Is Accelerating Transformation of the Global Banking Industry: Resiliency Becomes a Key to Success
This IDC Perspective discusses how COVID-19 is accelerating transformation of the global banking industry. Although the banking industry is better able to monitor and plan for loan losses arising from the market disruption that took place in 2008, it is a mistake to believe that the scale of economic fallout won't affect the institution's ability to recover and survive the current pandemic. Nevertheless, IDC believes that the pace of IT spending in the global banking industry will accelerate in 2021, bringing spending growth back to 5.9% annually and led by a focus on resiliency as a founding principle of digital transformation in the future enterprise."In a perverse way, the economic crisis of 2008 helped prepare the banking industry to weather some of the impacts of the 2020 pandemic," said Jerry Silva, program vice president, IDC Financial Insights. "Nonetheless, the impacts to areas such as security, lending, and digital experiences, and the overall need to improve resiliency will drive an acceleration of transformation investments that will quickly bring the industry back to better-than-pre-COVID-19 levels.
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