Cryptocurrency: Regardless of the UK’s want to be an open banking and know-how hub, FIs are rising weary of the hype surrounding the advantages of cryptocurrency. Solely 23% of corporations suppose the UK ought to concentrate on turning into a tech hub for crypto. That is in all probability the results of collapse the crypto market skilled within the first half of 2022 from which it’s nonetheless recovering.
Our opinion : The financial downturn remains to be in its infancy, however UK companies see a silver lining in 2023. Effectivity positive aspects from know-how growth are more likely to cut back the necessity for redundancies, and FIs’ concentrate on attracting and retaining staff to gasoline technological change is a optimistic. signal.
However the challenges that UK-based monetary establishments will face within the coming yr aren’t restricted to the UK. Globally, companies are more likely to really feel most of the similar pressures we talked about, they usually might want to adapt to the downturn within the financial system to climate the storm.
This text initially appeared in Insider Intelligence’s Banking innovation briefing—a each day recap of the highest tales reshaping the banking trade. Subscribe to get extra impactful takeaways delivered to your inbox each day.
