# Enabling decision-making success in the banking industry – 3 considerations Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-10-13 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Strategic Decision-Making for Banks Post-Pandemic Recovery Meta Description: Learn how banks can navigate the post-pandemic landscape with strategic decision-making, transparency, and technology to drive recovery and meet evolving URL: https://financedigest.com/enabling-decision-making-success-in-the-banking-industry-3-considerationshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/two-road-business-for-your-select-choice-success-or-failure-with-your-career-and-targe-sbi-301985590-1736837566074-compressed.jpg) _By_ **_Neil Shah_** **_,_** _Head of Financial Services, Board_ **The move towards strategic decision-making** Now, with the pandemic restrictions lifting, banks will have to be strategic in their decision-making when it comes to recuperating any lost income, and balancing consumer trust with a focus on growth. The return of the workforce will, of course, coincide with a resurgence of spending and investment from consumers and businesses respectively, so banks need to capitalize on the opportunity they have carved for themselves – becoming an integral and trusted player in the recovery from the pandemic – and look to where positive, long-term changes can be made, in regards to their company purpose, the products they provide and the impact they have on local communities. [Banks need](https://www.financedigest.com/britains-digital-banks-need-support-amid-banking-turmoil-trade-body.html "Britain’s digital banks need support amid banking turmoil – trade body") to maximise this positive influence without delaying recovery more than necessary. To walk this tightrope, [banks need to implement technology](https://www.financedigest.com/the-rise-of-biometric-technology-in-banking.html "The rise of biometric technology in banking") platforms that allow them to model multiple macroeconomic scenarios – demonstrating the impact of each and allowing them to plan and strategize accordingly. Supporting this, [banks should have the capability to model scenarios based on both a products and borrowers meaning](https://www.financedigest.com/banking-turmoil-means-recession-fears-are-creeping-back.html "Banking turmoil means recession fears are creeping back") no scenario is overlooked and their decision-making is robust. **Transparency is critical** The regulatory landscape is also evolving to meet the increasingly digital-centric and consumer-oriented [world we live](https://www.financedigest.com/cheapest-countries-to-live-in-the-world.html "Cheapest countries to live in the world") in. Not only are regulatory bodies reinforcing regulations regarding governance, liquidity management, and compliance, they are also [turning their focus](https://www.financedigest.com/entrepreneurs-worldwide-turn-their-focus-towards-doing-good.html "ENTREPRENEURS WORLDWIDE TURN THEIR FOCUS TOWARDS DOING GOOD") to cyber security, climate risk and structural reform. More [regulations are sure to emerge in the following years](https://www.financedigest.com/2018-is-a-year-of-regulation-is-your-business-ready.html "2018 is a year of regulation – is your business ready?"), especially as Millennial and Generation Z consumers become more influential. This means increased accountability for [financial institutions](https://www.financedigest.com/what-the-future-holds-for-financial-institutions-in-2023.html "What the Future Holds For Financial Institutions in 2023") – both internally and externally. [Banks can’t afford to make any errors or material misstatements when it comes to financial reporting](https://www.financedigest.com/how-banks-can-avoid-regulatory-reporting-mistakes-with-a-good-dose-of-automation.html "HOW BANKS CAN AVOID REGULATORY REPORTING MISTAKES WITH A GOOD DOSE OF AUTOMATION") – so there is an increased need for technologies that give them the ability to drill down to minute detail and analyse information in real-time. More importantly, these technology platforms need to give [banks much needed transparency and trust in the validity of the data](https://www.financedigest.com/open-data-represents-the-biggest-challenge-to-banks-in-a-generation.html "Open data represents the biggest challenge to banks in a generation") at hand. [Banks need](https://www.financedigest.com/struggling-banks-need-to-modernise-and-improve-software-quality-management.html "Struggling Banks Need to Modernise and Improve Software Quality Management") to be confident that the decisions they make are based on complete and accurate data – and this needs to be fully transparent throughout the business, to minimize the risk of incorrect information being cascaded before it is submitted externally. Stress-testing will also play a key part in meeting changing regulations going forward. [Banks need to expand their capabilities to ensure they can stress-test](https://www.financedigest.com/stress-testing-why-did-my-bank-go-bust-today.html "STRESS-TESTING – WHY DID MY BANK GO BUST TODAY? ") varied scenarios and update their reporting metrics to include climate change, cyber-attacks, and potential data breaches. To complete these incredibly complex reports and ever-evolving metrics, many [banks have turned to standard](https://www.financedigest.com/first-abu-dhabi-bank-reiterates-not-eyeing-offer-for-standard-chartered.html "First Abu Dhabi Bank reiterates not eyeing offer for Standard Chartered") BI tools – but the need is greater. The information can’t always be accepted at face value; it’s a number without any wider context. The real benefit [banks can derive from more advanced tools will be understanding the ‘why’ and ‘how’ of the numbers they are reporting](https://www.financedigest.com/bank-funding-for-renewables-stagnates-vs-oil-and-gas-report.html "Bank funding for renewables stagnates vs oil and gas – report") on – meaning data can be interrogated with a deeper understanding, create an analysis, and arrive at an objective and aligned conclusion. Many banks are hindered by disjointed, cumbersome [legacy systems](https://www.financedigest.com/retailers-weighed-down-by-their-own-legacy-systems-survey-reveals.html "Retailers Weighed Down by their own Legacy Systems, survey reveals") – and this often requires regular support from external specialist third parties, adding extra cost and another layer to a bank’s operating model. At a time when machine learning and [artificial intelligence are empowering banks](https://www.financedigest.com/artificial-intelligence-in-banking-robo-advisors-and-beyond.html "Artificial Intelligence in Banking – Robo Advisors and beyond") to provide more personalised, meaningful customer-facing experiences than ever before, it’s unthinkable they should have to gain the help of an external player to make changes to or create new internal reports. **A [low code](https://www.financedigest.com/unlocking-the-code-how-to-benefit-from-low-code-platforms.html "Unlocking the code – How to benefit from low code platforms"), no code approach** If banks are to have the ability and flexibility to adapt [reports and forecasts at relatively short notice](https://www.financedigest.com/euronext-delays-commitment-of-traders-report-until-further-notice.html "Euronext delays commitment of traders report until further notice"), processes should be increasingly digitalised, helping to ensure standardisation and automation. But there is no point in having a powerful system in place if it is too complicated for everyday users to adopt and operate; in a rapidly changing global market, time can often be an organization’s most valuable resource, and hours spent dedicated to creating a single report is essentially a sunk cost. Therefore “low code, no code”, cloud-based technology platforms will be the [key to success](https://www.financedigest.com/battling-uncertainty-is-the-key-to-property-investment-success.html "Battling uncertainty is the key to property investment success") for banks in the years ahead. These provide all the benefits of more complex legacy systems, but without the [need for extensive coding](https://www.financedigest.com/why-coding-needs-to-be-re-evaluated-for-sustainability-objectives.html "Why coding needs to be re-evaluated for sustainability objectives"). Platforms that require extensive technical knowledge can be alienating to [employees lacking skills and creates silos even within departments](https://www.financedigest.com/hundreds-of-tyson-foods-employees-to-depart-as-company-closes-offices-wsj.html "Hundreds of Tyson Foods employees to depart as company closes offices – WSJ"). “Low code, no code” platforms instead operate on a drag-and-drop approach that means users need little training, and all relevant employees have instant access to real-time information that they can analyse and interrogate. Similarly, “low code, no code” solutions enable much better cross-departmental collaboration as the skills barrier to entry is lower and the information is standardized and hosted in a single environment, reducing room for error when compared to spreadsheet-based alternatives. Finally, these platforms can help [banks to get new products and messaging to the market](https://www.financedigest.com/in-a-rising-market-are-banking-outsourcers-pulling-their-weight.html "In a rising market, are banking outsourcers pulling their weight?") sooner by shifting man-hours from back-end support to strategic input, analysis, and planning. Information is hosted in global data [houses that control](https://www.financedigest.com/analysis-u-s-regulators-could-be-pressured-by-slim-republican-house-control.html "Analysis-U.S. regulators could be pressured by slim Republican House control") and manage customer data, maintaining privacy and meeting ever-changing compliance requirements. Going forward, [banks must look to technology platforms which empower employees to create financial](https://www.financedigest.com/financial-crime-is-the-chink-in-the-banks-armour.html "Financial crime is the chink in the banks’ armour"), operational and/or workforce planning models, forecasts, scenarios and reports with ease and speed. The ability to compare scenarios and weigh the benefits and risks efficiently will allow for more informed, quicker insights and decisions, greatly reducing the need for guesswork in any critical decision making. These platforms will also provide the opportunity for meaningful insights on customer behaviour, in real-time, and ensure [data they traditionally stored in different silos is captured and turned](https://www.financedigest.com/sterling-falls-vs-dollar-as-focus-turns-to-uk-data.html "Sterling falls vs dollar as focus turns to UK data") into actionable insights – delivering added value, improving strategic assessments, and enabling a more flexible and collaborative approach to reporting. [Banks now need to think ahead](https://www.financedigest.com/polish-central-bank-holds-rates-points-to-slowdown-ahead.html "Polish central bank holds rates, points to slowdown ahead") – capitalizing on the trust they have built-up over the last year and opportunities for growth, investment, and innovation, both in the products they offer customers and the way they operate internally. Only then will banks truly have discovered the [key to success](https://www.board.com/en/document/3-key-considerations-banking-industry). ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/picture316-1736837566175-compressed.jpg) **Bio** Neil Shah, Head of Financial Services, Board Neil is [Head of Financial](https://www.financedigest.com/the-hidden-financial-woes-of-international-students-heading-for-the-uk.html "The Hidden Financial Woes of International Students Heading for the UK") Services at Board after having spent 8 years in EY’s Finance Consulting practice advising Financial Services firms on both regulatory and technology driven change. Neil has advised many clients on the [digital transformation of their finance functions and now brings to Board a unique perspective on technology from both a client and alliance partner](https://www.financedigest.com/veraviews-welcomes-hoopla-digital-as-a-demand-partner.html "VeraViews Welcomes Hoopla Digital as a Demand Partner") point of view. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---