Strengthening compliance and risk management system is expected to be an ongoing concern. As cyber risks become more pronounced, the industry should continue to strengthen its defenses across the threat landscape. Improving risk governance, adopting a more holistic approach to cybersecurity, and getting the board and the C-suite more engaged in cyber risk management are all likely to be crucial.In the area of core banking transformation, as banks pursue new growth strategies, willingness to invest in this area should be higher.
Lastly, to enhance the effectiveness of large-scale technology transformation projects, business leaders may need to be more engaged in execution, perhaps coleading these initiatives with IT leaders.