This year, the financial sector is facing significant upheaval as a result of the coronavirus pandemic. But even before the virus’s spread began to inflict serious damage on nations’ economies, banking institutions were set for a challenging year. Low interest rates are here to stay, the shadow banking sector continues to grow and consumers are expecting more and more of banks’ digital services. Banks’ ability to adopt new technologies and maintain strong customer relations matters now more than ever.
It’s the firms who understand and embody this that World Finance is celebrating in its 2020 Banking Awards. The financial institutions named in the magazine’s listing have all proven themselves to be among the most innovative players in their industry, expertly deploying technology to cope with the disruption caused by the pandemic. In particular, banks that have embraced open banking find themselves at an advantage, as the ability to share information with third parties provides a brilliant opportunity to launch new products and collaborate with other firms.
While updating their technological infrastructure, firms must pay heed to implementing new defence protocols. The number of cyberattacks aimed at the financial sector has risen during the pandemic, and banks must take action to protect themselves against future risks. In this uncertain period, it will be the most resilient firms who emerge unscathed. The 2020 Banking Awards recognise the institutions that are embracing technological innovation, building cyber defences and prioritising customer satisfaction in this tumultuous year.