An uncertain economy—highlighted by high inflation and increased cost of lending—will force banks to pivot to build momentum and provide high-quality customer experiences in 2023. Debate is rampant around the certainty of an economic downturn and its duration, painting a murky outlook heading into the new year. For banks specifically, defaults, credit quality, and deposit runoff are threatening performance, leaving them to evaluate profitability, where and how to best meet and serve customers, and what types of digital solutions will get them there.
To stay on top of industry trends, banks must find ways to meet their customers where they are, with precisely what they need, at the right time. It’s also more urgent than ever that banks find ways to meet these needs efficiently and in ways that manage risk.