Darren Skanson
2.0 EXTERNAL ENVIRONMENT
Information technology will emerge as a critical competitive weapon over the next five years as banks rely increasingly on new business models rather than new product lines to succeed, according to a global survey of business leaders.
Speed of execution on strategy and innovation was identified as the key management challenge facing Banks over the next five years, and more than four-fifths of respondents said that technology will be critical to the Bank's ability to adapt its business models and implement strategy. Nearly three-fifths said IT is becoming more of a competitive tool, rather than simply a driver of cost efficiency.
To succeed in 2010, Banks will need to adapt faster to changing customer demands. As Banks increasingly focus on their core business, they will be ever more dependent on an integrated network of partners and suppliers to meet customers' requirements of flexibility and convenience.
IT will play a strategic role in helping......
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