WEDNESDAY, 23 JAN 2019

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
Baker_Tilly_03/12-20/02_266x90px
IMH LTD

Cyprus Ready to Contribute for Better Results in the EU -Arab States Summit

Cypriot, Greek and Israeli Diaspora Leaders Meet February in Jerusalem

IMH LTD
GAP_Group_2018_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

Cyprus Integrity Forum: New Board of Directors Elected

The Annual General Meeting of the non-governmental organization, Cyprus Integrity Forum, ...

GRS Global Appoints Hayley Buckle as Director of Recruitment

GRS Global Recruitment Solutions has announced the appointment of Hayley Buckle as ...

CSC: 26 Years Social Contribution from the Cyprus Shipping Industry to the Community

The Cyprus Shipping Chamber, as part of its continuous socio-economic and philanthropic ...

FROM AROUND GOLDNEWS

   

Cypriot, Greek and Israeli Diaspora Leaders Meet February in Jerusalem

Cypriot, Greek and Israeli diaspora leaders are set to meet trilaterally in Jerusalem, between February 24 and 26. Presidential Commissioner Photis Photiou ...
   

Baker Tilly South East Europe: New Substance Requirements in Offshore Financial Centers

Under the OECD’s and EU’s influence and in an attempt to get rid of their status as “bad” jurisdictions, long established island ...
   

EY: Technology and Innovation are Key to Drive Agile Growth for Insurance Companies

Global insurance sector growth is expected to remain weak, and companies must focus on technology and innovative initiatives that optimize costs, drive wider ...
   

DP World Limassol: New Investments Enhance Efficiency and Safety of Port Operations

DP World Limassol has acquired a range of new equipment as part of an ongoing upgrade of the Limassol port infrastructure. A new, high-tech mobile harbour ...
   

Emirates Introduces Entertainment Playlist Syncing Ahead of Travel

Emirates has introduced an innovative new function on its app to allow customers to create bespoke playlists ahead of their flight and sync it to their seats ...
   

The New Power Station Foundation Stone Laying Ceremony

The New Power Station of Power Energy Cyprus (P.E.C.) Ltd is now a fact and its construction is proceeding fast. The Power Plant aspires to become the first ...
   

Cyprus Ready to Contribute for Better Results in the EU -Arab States Summit

Foreign Minister Nikos Christodoulides expressed the readiness of the Republic of Cyprus to contribute to achieving substantial results during the EU summit ...
   

Trade Deficit Down by 12.8% in January – October 2018

Trade deficit declined 12.8% in the period January - October, according to data released Monday by the Statistical Service of Cyprus.   Trade deficit ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
GloriaJeans_300x250px

IMH LTD