Banks flip the tables on disruption by becoming the disruptors themselves

Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.

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Amidst an era of disruptions– from generative AI to a worsening talent dilemma, and rising costs– one way that banks can stay ahead is not just by aligning with disruption, but by choosing to be the game changer themselves.

Speaking at the Asian Banking & Finance Forum held at Ho Chi Minh City, Vietnam, Bain & Company partner Sen Ganesh enumerated the different “game changers” that is impacting the banking and insurance industry, as well as the different ways that financial institutions are adjusting their strategies to keep up with these disruptors.

“What we’re seeing now is that, as the pace of technology has been increasing and developing very quickly, most organizations are having to balance two forces. The first is really around the technical debt that’s built up over the last few years. Secondly, we’re seeing a lot more pressure on cost,” Ganesh told attendees during his keynote address.

Three strategies

To balance these, FIs have adopted three distinct strategies. One is to be the disruptor themselves.