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Banks to tie growth, relevance on FinTech to remain afloat—EY 2018 Report

Indication emerged on Thursday from the latest Global Banking Outlook 2018 report conducted by Ernst & Young (EY Global) suggesting that world banks may not continue to distance themselves from trending Financial Technology (FinTech) innovations, but  embrace them to remain afloat.

According to the report, FinTech disruptions in the banking markets has come to stay and are  ready to knock out any financial institutions that failed to adopt it.

Before now, several banks had been having cold feet in joining the trend, but EY report has revealed the readiness of banks to embrace best financial technologies to drive their businesses.

The import of the report therefore means that even banks in Nigeria and across the world are expected to shift priorities towards growth, digitalisation, and innovation as top priorities in 2018 business year.

EY Global in its report from intensive research carried out on Senior Bankers’ at 221 institutions across Europe, North America, Asia-Pacific and emerging markets (including Nigeria), said “85 per cent of banks cite implementation of a digital transformation programme as a business priority for 2018. Investment in technology to drive efficiency, manage evolving risks and benefit from growth opportunities is seen by banks as critical for sustainable success”.

Whereas banks are looking onto total activation of FinTech, they are also said to be working ahead of time in checkmating cyber security issues as the scourge is rated 89 per cent in terms of priority for global banks in 2018.

Business Hilights recalls that 2017 top priority for global banks hinged on managing reputation, conduct and culture risks, which falls to sixth place in the 2018 Global banking Outlook Report presented by EY.