EB1 - Transform your IT for Banking's Digital Revolution

Digital Transformation Must Be Accelerated

39% of financial executives name regulation as the overall biggest threat to their current business 6 80% of APAC bank CEOs expect to see the introduction of new or additional regulatory requirements on operational resilience 7 238% increase in cyberattacks against the financial sector in the three months February to April 2020 alone 8

The forces driving the demand for digital transformation aren’t going away. Pressures from customers, suppliers and competitors will continue to mount. The question is not if or when, but how quickly banks can make a digital transformation to secure their place in the market. Accelerated transformation must be balanced with greater resilience While banks must embrace digital transformation to protect their market position, they are also facing increasingly stringent regulation and a constant threat from data breaches and cyberattacks. As digital transformation rolls out, and digital interactions increase, so too does the volume of data and the security risks. Banks must match their transformation with greater resilience to safeguard themselves against the threat of breaches and regulatory non-compliance. Failure to do so can result in significant fines and reputational damage.

6. “Open banking investments in the UK,” Tink, 2019. 7. 11th EY and Institute of International Finance bank risk management survey, June 2021. 8. “Modern Bank Heists 3.0,” VMware Carbon Black, May 2020.

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