LONDON, July 10, 2019 (GLOBE NEWSWIRE) -- Having weathered the storm of the financial crisis, banking institutions across the globe are now enjoying a period of sustained stability. US lenders in particular have enjoyed a prosperous year, spurred by tax cuts and a favourable regulatory environment.
The next big challenge on the horizon comes in the form of digital innovation. While technologies such as artificial intelligence and biometric data have been present in the market for several years, some lenders have been slow to incorporate these into their business models, and are now finding themselves falling behind their more agile fintech counterparts.
As a result, the industry is at a crucial tipping point, with digitally prepared banks storming ahead of the competition. It is these firms that World Finance is celebrating in its 2019 Banking Awards.
One fruitful route that shrewd lenders are taking is the formation of partnerships with digital upstarts. This enables banking behemoths to incorporate the latest technology without huge capital expenditure, while also eliminating competition from the fintech sector. China’s state-owned giants have been particular proponents of this strategy; back in April, the China Construction Bank and the Hong Kong-listed Bank of Gansu announced a partnership with tech conglomerate Tencent, whose WeChat Pay feature has over 900 million monthly active users.
With digitisation comes risk, however, and banking groups must invest in cybersecurity measures to prove they are trusted guardians of customer data. This means mobilising technology to identify weaknesses in areas such as anti-money-laundering frameworks, along with ensuring compliance with all new and existing regulations. This understanding of both the opportunities and risks that technology brings, and using that knowledge to shape future strategy is what sets our Banking Award winners apart from the crowd.
To see the full list of winners, read our definitive guide, available online, in print and on tablet now.
https://www.worldfinance.com/banking-guide-2019
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