By Monica Summerville, Director at Winchmore FST
Crisis is a catalyst for change. The financial crisis of 2008 led to the “Great Recession” with a loss of more than $2 trillion in global economic growth between the pre-recession peak in Q2 2008 and low in Q1 2009. Today the aggregate Tier 1 capital of the Top 1000 banks is 80% higher than a decade ago; the financial system is safer and more efficient today thanks to sweeping regulations and adoption of new technologies. The Covid-19 pandemic tested this progress, giving capital markets entities a proving ground and catalyst for new technology-enabled business models.
When it comes to voice and electronic communications, financial institutions know the ‘new normal’ demands a re-evaluation of medium- to long-term strategies, taking consideration of key new trends such as expanded remote working and requirements for increased agility and mobility.
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