Under challenging circumstances, the UK Financial Services
industry is showing signs of greater agility and innovation in
2020
LONDON, Sept. 16, 2020 /PRNewswire/ -- Appian
(NASDAQ: APPN) today published survey results examining the
response of the UK banking sector to the coronavirus pandemic,
revealing that nearly three-quarters of respondents say their
organization has become more innovative as a result.
The "Innovating in a Crisis: How COVID-19 Changed the Way UK
Banks Deliver Core Operations" survey, conducted by FT Focus
and supported by Appian, shows that banks are rising to new
challenges. 78% of banks have "proven more agile than
previously thought" and 72% "have grown more innovative in
2020" according to survey results.
Senior UK banking respondents cited "making sales and winning
new business" (73%) as the biggest additional challenge
posed by COVID-19, followed by "customer services" (72%),
then "risk management and compliance processes" (71%).
However, one bank's challenge appears to be another's opportunity.
Showing that the competitive nature of the market remains despite
the crisis, roughly equal proportions of respondents viewed the
pandemic and Brexit as opportunities or threats to business.
Emerging technologies represented the only factor where respondents
achieved more of a consensus, with 57% viewing the use of
automation, cloud, and AI as opportunities for growth.
On how banks are responding to COVID-19:
- Two-thirds (66%) are planning to cut costs
- 66% are expecting to increase their automation in
response to COVID-19
- 60% are expecting to increase technology spending
In addition to increased remote working and online development,
82% have accelerated compliance and approvals processes, and
81% are using agile practices to increase the pace of new
product or service delivery, suggesting that pre-COVID-19 processes
are being sped up.
"COVID-19 has forced the banking industry to rapidly adapt to
new challenges. The survey results prove that banks are able to be
agile, innovate and implement new technologies when the market
demands," said Mike Heffner, VP,
Solutions and Industry Go To Market at Appian. "Although cost cuts
are on the horizon for a significant number of UK banks, finding
new ways to stay efficient and deliver compliant, effective service
has probably never been more of a priority."
"We have never seen such transformation, such a drive for
innovation, as we have witnessed in the last four or five months
[to July 2020]," said Ritesh Jain, COO of Digital Technology at HSBC
and an in-depth survey respondent.
To learn more about how UK banks have stayed agile under
pressure, read the full "Innovating in a Crisis: How COVID-19
Changed the Way UK Banks Deliver Core Operations" survey
report.
To unpack the survey findings, Appian is hosting a webinar chaired
by renowned FinTech author Chris
Skinner with Appian financial services thought-leaders,
Mike Heffner and Guy Mettrick.
Monday 30 September 2020,
2pm BST
Banking Operations
Innovating in a Crisis: Chris Skinner Explores Our Latest Financial
Times (FT) Focus Report
The webinar will explore in greater depth how:
- 66% of UK banks responded to the crisis by increasing
automation
- The crisis sparked greater adaptability and faster innovation
cycles
- Long-planned initiatives have been expedited to increase
efficiency and productivity
Register for the webinarnow.
Methodology
The survey, conducted by FT Focus,
gathered responses from 263 senior UK banking executives during
July 2020. Respondents held roles at
retail banks (43%), commercial banks (29%) or investment banks
(29%). Just under half (49%) were in C-suite positions, including
27 CEOs. FT Focus also spoke in depth to Ritesh Jain, then COO of Digital Technology at
HSBC, to understand in detail how banking leaders are navigating
the challenges that emerged in the first half of 2020.
About Appian
Appian provides a low-code automation
platform that accelerates the creation of high-impact business
applications. Many of the world's largest organizations use Appian
applications to improve customer experience, achieve operational
excellence, and simplify global risk management and compliance. For
more information, visit www.appian.com.