Conquering technology risk in banking
In today’s rapidly digitizing marketplace, a bank’s growth and competitiveness depends on its ability to innovate rapidly and safely. That can be a complex balancing act, since faster digital innovation often exposes banks to greater technology, cyber, and operational risks, as well as regulatory scrutiny. The winners are those best equipped to handle both the upside and the downside of innovation and to weather disruptions. To understand how banks manage technology risk in a period of accelerated digital transformation, ServiceNow and ThoughtLab conducted a comprehensive survey of 750 banking executives in March-May of 2023. The study explored the best practices, challenges, and performance benefits around improving technology risk management and resilience.