In Transformation We Trust

Abstract

Incumbent banks are facing a crucial challenge as they need to embrace digitalization and aim for a significant transformation of their business and operating models, overcoming all kind of constraints driven, for example, from creeping legacy IT systems, silo-ed business divisions and central support functions and the cultural resistance well engrained in an industry that has been heavily regulated for decades and, maybe, too protected by the attacks of non-traditional competitors. One key element of this challenge is represented by trust and credibility---and by how banks will be able to successfully recover them in full. As trust is becoming and even more important factor in an increasingly digitized global financial system, cyber security and cyber trust are becoming one of the most serious risks banks will need to face and overcome.