A challenging economic outlook is pushing many private financial institutions to triple their investments in technology.
Uncertain times are fuelling an acceleration of change in the private finance space, with this week’s McKinsey & Company report into the European market showing that both big and small players are rapidly evolving their business models to ride the wave of economic instability.
This is most prevalent when it comes to technology. According to the survey, banks plan to triple technology spend from 2 percent of total revenues in 2019 to 6 percent in 2023.
These investments are aimed at catching up on cloud, data, and distributed-ledger technology, where private institutions typically lag the technology leaders in financial services.