TUESDAY, 28 JAN 2020

 

CONNECT

Facebook Linked In Twitter
Yachting_23/01-19/03_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Costas Kadis Attends EU Council Debating European Green Deal And Cap

Kyriakos Koushos: Licensing Of Blocks Affecting Interests Of Third Parties Is Unacceptable

IMH LTD
GAP_Group_2019_468x60px

SERVICES

brought to you by Barclays

EY: Banks Shift Priorities Toward Growth, Digitization and Innovation

EY: Banks Shift Priorities Toward Growth, Digitization and Innovation

Eighty five percent of banks cite implementation of a digital transformation program as a business priority for 2018, according to the EY Global Banking Outlook 2018. Investment in technology to drive efficiency, manage evolving risks and benefit from growth opportunities is seen by banks as critical for sustainable success.

Addressing cybersecurity is the top priority for global banks (89%) in 2018, replacing last year’s top priority of managing reputational, conduct and culture risks, which falls to sixth place in this year’s report. Recruiting, developing and retaining key talent (83%) also garners significant attention as banks strive to integrate cyber experts into their organizations amidst a skillset shortage.

The survey of senior executives at 221 institutions across Europe, North America, emerging markets and Asia-Pacific shows that banks are seeking to become digitally mature, completing the transition from regulatory-driven transformation to innovation-led change in order to insulate themselves from future downturns. Respondents indicate that few banks (19%) currently consider themselves as either digitally maturing or a digital leader, but more than half (62%) aspire to be one of the two by 2020.

Other highlights from the survey include:

59% of banks surveyed anticipate that their technology investment budgets will rise by more than 10% in 2018.
For banks that are beginning to invest or increasing their investment in new technologies 44% plan to purchase the technology from a third party, while only 17% plan to acquire an entity to onboard the technology. 
70% of banks cite strengthening their competitive positioning as a key reason for investing in technology by 2020.
Enhancing cyber and data security is the number one priority for banks, with 73% of banks planning to invest in technology to mitigate cybersecurity threats.

Savvas Pentaris, Partner and Head of Financial Services at EY Cyprus, says:

“While banks are no longer overwhelmed by regulatory change programs, the years ahead will still be some of the most uncertain. Banks are facing increased competition from existing competitors, new market entrants and cyber threats. Banks must become more integrated with digital through strategic relationships and innovative partners.”

 

MORE ON SERVICES

1DataSIM On-board Blue Air

We are proud to announce that now you can purchase our innovative 1DataSIM card and our ...

ISOP Teacher Attends the United Nations Climate Change Summit

During the first two weeks of December, nearly 200 countries attended the United Nations ...

Cyprus FinTech Expo 3.0: Digital Payments And Security

The Cyprus FinTech Expo 3.0 will take place on Thursday, 16 January 2020, at Hilton ...

FROM AROUND GOLDNEWS

   

Petroleum Products Sales for December 2019

The total sales of petroleum products in December 2019 recorded a reduction of 5,3% compared to the previous month, according to data released by CyStat. A ...
   

London Loses Reigns As Global Finance Hub

London has surrendered its position as the world’s top financial centre to New York due in part to uncertainty over Brexit, according to a survey of ...
   

Decentralized Nicosia Chapter Upcoming Event

In light of the avid interest in Decentralized Finance and tokenization of assets, the Decentralized Nicosia Chapter is opening its doors for another ...
   

The Cyprus Government Has Ratified The Multilateral Instrument

On 22 January 2020, the Instrument of Ratification of the Multilateral Convention to Implement Tax Treaty Related Matters to Prevent Base Erosion and Profit ...
   

PEK LTD: Delivering High-Quality Professional Services

PEK was established on 1 January, 1997, first as a partnership and later as a limited liability company, approved by The Institute of Certified Public ...
   

Kyriakos Koushos: Licensing Of Blocks Affecting Interests Of Third Parties Is Unacceptable

Cyprus Government Spokesman Kyriakos Koushos has told the Cyprus News Agency (CNA) that any licensing of a block for oil and gas exploration affecting the ...
   

Data Management: A Measurable Value For Every Company

George Z. Georgiou & Associates LLC presents the 3rd Data Management Forum which will take place on Thursday, 5 March 2020 at Hilton Nicosia (formerly ...
   

Costas Kadis Attends EU Council Debating European Green Deal And Cap

Cyprus’ Minister of Agriculture Costas Kadis is going to Brussels to attend the Agriculture and Fisheries Council that convenes there on ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Data_Forum_24/01-04/03_300x250px
GloriaJeans_300x250px

IMH LTD