The Evolving Landscape of Financial Services: Embracing Change with 'another word for running a store'

In today's fast-paced digital age, the financial services industry is undergoing a significant transformation. As highlighted by a McKinsey survey conducted in 2020, many C-level executives from regional banks, large commercial banks, payments providers, and other financial institutions are recognizing the importance of embracing change to remain competitive.

The survey, which polled 120 top executives, revealed that more than half (54 percent) expect to shift at least half of their workloads to the public cloud over the next five years. This sense of urgency is hardly surprising given the value at stake. As the industry continues to evolve, those who fail to adapt may find themselves left behind.

Despite the growing momentum towards migration to the cloud, many financial institutions are still in the early stages of adoption. According to a recent McKinsey survey, only 13 percent of financial-services leaders had half or more of their IT footprint in the cloud. This lag is likely due to the complexity and risk associated with transitioning to a new technology infrastructure.

However, as the industry continues to move forward, it's clear that having a presence in the cloud is no longer a luxury, but a necessity. Financial institutions must prioritize digital transformation to stay ahead of the curve and meet the evolving needs of their customers.

By embracing 'another word for running a store', financial services leaders can reap numerous benefits, including increased agility, reduced costs, and improved scalability. As the industry continues to evolve, it's clear that those who are willing to adapt will be better positioned for success in the years to come.

Another word for running a store