A total of 90 per cent believed customers’ needs must come first and that should be a strong emphasis on the use of big data. In particular, this will mean financial institutions must be able to cope with the shift from traditional banking to digital and on-the-go services. Therefore, ensuring data security and privacy will be upmost for the sector, especially as the survey revealed an awareness that it has been difficult to regain the trust of people following a number of high-profile scandals in the banking industry in recent years.
PwC also stressed the banks have raised concerns that they are being constrained by a lack of appropriately skilled workers, insufficiently advanced technology and organisational constraints. All of these areas are set to present key challenges in the coming years.