Banks are said to have become more “innovative” during the Covid-19 pandemic, according to survey results by FT Focus.
The study, which was supported by Appian, also found that 73% of senior UK banking respondents cited “making sales and winning new business” as the biggest challenge posed by Covid-19.
In addition to this, 66% are planning to cut costs and 60% are expecting to increase spending on technology.
Mike Heffner, vice president of Solutions and Industry Go To Market at Appian, said: “Covid-19 has forced the banking industry to rapidly adapt to new challenges. The survey results prove that banks are able to be agile, innovate and implement new technologies when the market demands.
“Although cost cuts are on the horizon for a significant number of UK banks, finding new ways to stay efficient and deliver compliant, effective service has probably never been more of a priority.”