As financial institutions look to rebuild and recover lost ground in a post-COVID-19 world, they are exploring new ways to transform themselves, aligned with new and evolving market opportunities. However, this rebuilding work comes against a backdrop of uncertainty and significant challenge.
Banks, for example, who played a critical role in the immediate aftermath of the outbreak are operating in an environment where assets are becoming increasingly distressed and balance sheets are under growing pressure, as state intervention programs are withdrawn. At the same time, they must continue to invest in modernizing their businesses to respond to evolving risks and growth opportunities.
As well as managing cost with greater discipline, businesses must navigate more complex regulatory requirements, accelerate technology transformation and attract talent, all while ‘keeping the lights on’, delivering investor return, and planning for their future.
Managed services are, therefore, seen by many as a critical enabler of transformation towards becoming a more agile, compliant, cost-effective business. Global Research conducted in 2019 confirmed that a staggering 91% of businesses are considering managed services as a core tool in their strategy and execution.