The global banking sector is facing a new phase of instability, despite recent successes in overcoming the consequences of the COVID-19 pandemic. It is noted that banks must adapt to new challenges and changes in the economy.
One of the main factors influencing the sector is digital transformation. Banks are increasingly focusing on the development of digital technologies, which affects both their internal processes and customer service. The growing competition from fintech startups also poses new challenges for banks.
Experts point out that it is essential to seek new approaches to risk management and ensuring financial sustainability. Special attention is paid to cybersecurity issues, as the increase in digital technologies enhances the risk of cyberattacks.
Citation: "We stand on the brink of a new era for the banking industry, which will demand from us innovative approaches, flexibility, and readiness for change," noted one of the high-ranking representatives of the banking community.
