More recently, CFOs have been leading cost transformation efforts, which should remain a key priority for banks in the years ahead. See how it works and why the industry is growing fast in 2021. With COVID-19 still dominating the narrative across the global banking industry, arguably the biggest challenge lenders will face in 2021 is how best to maximise the customer experience amidst such a challenging environment. 5. has been saved, 2021 banking and capital markets outlook COVID-19 not only accelerated digital adoption, it has also been a litmus test for banks’ digital infrastructures. Future success may very well hinge on how well these lessons have been internalized and implemented. “Looking ahead, oil prices are expected to increase gradually from current levels and average $44 per barrel in 2021, up from an estimated $41 per barrel this year, as a slow recovery in demand is matched by … More than 60% of respondents in the finance function expect to increase cloud investments, and 51% said their firms will increase spending on data analytics (figure 9). For instance, banks’ IT departments have used agile practices successfully for software development and testing. View in article, Julie Bernard, Deborah Golden, and Mark Nicholson, Reshaping the cybersecurity landscape: How digitization and the COVID-19 pandemic are accelerating cybersecurity needs at many large financial institutions, Deloitte Insights, July 24, 2020. Listen to "Chris Skinner, Best Selling Author and Technology Commentator." In this regard, robust identity governance and administration and next-generation authentication through password-less experience are considered effective solutions. For instance, at Standard Chartered, retail banking digital sales grew 50% year-on-year in H1 2020.20. Banks Outlook 2021 . View in article, Erica Volini et al., Returning to work in the future of work: Embracing purpose, potential, perspective, and possibility during COVID-19, Deloitte Insights, May 15, 2020. Ultimately, the impacts of climate risk are not just social or reputational, but financial as well. Second, to cut costs, banks should reexamine the build-buy-outsource/offshore model for technology projects. However, traditional branch closures could be partially offset by drive-throughs and next-gen branches that enhance customer experience. The imperative for self-sovereign identification (get lost Equifax). View in article, IMF, World Economic Outlook, October 2019: Global manufacturing downturn, rising trade barriers, October 2019. HSBC Private Banking . However, Accenture states that banks are scrambling to respond as the scale of disruption and tempo of change have grown dramatically. The chief risk officer may also want to partner with the institution's chief sustainability officer, and industry organizations to create new risk standards and models that include climate risk. But exploring solutions to maintain productivity levels in a remote work environment will be crucial. 2021 Financial services industry outlooks, Visit the Within reach? More than one-half of respondents are reassessing their global footprint (countries, cities, office configurations) and preparing more comprehensive crisis management approaches and documentation (figure 4). For instance, maintaining resilience may pose a challenge if employee productivity declines from the myriad effects of the pandemic. Forget Where’s Wally, Where’s Jack? In Europe, similar challenges exist, and overcapacity, fragmentation, and the lack of a banking union, could further confound recovery prospects. More importantly, banks played a crucial part in stabilizing the economy and transmitting government stimulus and relief programs in the United States, Canada, the United Kingdom, Japan, and many European countries, among others. For instance, educating consumers on better debt management and being empathetic in debt collection efforts could help strengthen banks’ customer relationships and engender trust. Which is why banks will spend a shed-load of money on digital transformation. Greenwashing—relabeling and branding existing business activities as supporting a green agenda—is also an unpleasant reality. Vice chairman and US Banking & Capital Markets leader. The pandemic also highlighted the need for greater rigor in some banks’ business continuity planning, crisis management, and recovery.33 Moreover, it exposed vulnerabilities in their global footprint and dependence on external provider networks; in countries observing national lockdowns, many institutions experienced a disruption in offshore delivery centers. Also, technology leaders should factor in how the current technology stack can interface with not just next-gen but next-next-gen innovations, such as advanced machine learning techniques, blockchain applications, or quantum computing. While some unique challenges remain—the lack of common global standards, insufficient data, and unclear metrics to assess sustainability performance and outcomes—these issues are starting to be addressed. Sustainability organizations are making efforts to address these issues. U.S. Bank rolls out new branch formats for digital age. View in article, DBS Marketplace, “Explore marketplaces,” accessed October 26, 2020. Leaders must recognize that technology deployment in remote settings can be a two-sided coin: videoconferencing fatigue on one side, the need for social contact on the other. Bank rolls out new branch formats for digital age,” StarTribune, September 24, 2020. View in article, Sanne Wass, “Banks raise concern over insider threats as pandemic takes toll on mental health,” S&P Global Market Intelligence, October 26, 2020. While losses can be expected in every loan category, they may be most acute within credit cards, commercial real estate, and small business loans. See something interesting? Going forward, strengthening operational resilience will likely be a main challenge many banks face.34 While there’s no silver bullet, banks could reassess their global footprint and dependence on third parties, conduct more frequent simulation exercises, and improve information systems to respond quickly to future events. To start, maintaining focus on operational risks is critical. The pandemic brought banks a renewed sense of purpose in 2020: providing liquidity to the real economy. DTTL and each of its member firms are legally separate and independent entities. Banking as a Service (BaaS) technology allows tech companies to build on existing bank infrastructure. While banks have made good progress on sustainable finance, there is much more that can be done. In remote environments, however, managing can be a tricky dance: Team leaders will need to try to strike the right balance between maintaining their teams’ motivation and productivity levels without micromanaging. The virtual work arrangements many banks adopted introduced new operational risks. View in article, World Bank, “COVID-19 to add as many as 150 million extreme poor by 2021,” press release, October 7, 2020. Realizing the digital promise: Key enablers for digital transformation in financial services, Deloitte and Institute of International Finance, June 4, 2020. View in article. Controls with poor supervision, self-assurance, and validation, with unclear responsibilities between the first and second lines, still remain. She is a Vice Chairman of Deloitte UK and the global lead client service partner for a major financial services organisation. Across industries, sustainability goals often lack transparency and connection to the day-to-day business activities, such as lending or underwriting. We serve our clients locally, while drawing upon the firm’s considerable global resources and industry expertise. Team leaders should also focus on ensuring that employees feel a sense of belonging at work. 1. This may build in some redundancy, but it would help reduce operational risks. View in article, North America includes the United States and Canada only. The banking industry will confront a range of challenges in 2021, many ongoing, but also some new obstacles. Banks should also buttress risk sensing. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, Subscribe now to receive your digital copy, Within reach? 2. Deloitte brings together professionals with diverse experience to provide customized solutions for clients across all segments of the banking and capital markets industries. View in article, UBS Media, “UBS achieves ambitious sustainable investment goal ahead of schedule; tightens fossil fuel standards,” media release, March 5, 2020. Lihat jadwal, lokasi, dan harga tiket Banking Industry Outlook 2021 yang tersedia. The vast majority of Chase (89%) and non-Chase (85%) customers feel they save time by managing their finances digitally. How can the emerging lessons serve as a catalyst for business transformation? View in article, Bank of America, Q3 2020 financial results, October 14, 2020. Translating these goals into business-specific actions and outcomes will be a balancing act, and may require some short-term financial sacrifices. The Deloitte Center for Financial Services estimates that the US banking industry may have to provision for a total of US$318 billion in net loan losses from 2020 to 2022, representing 3.2% of loans. The banking industry plays a huge role in the global economy and is undergoing a huge technological shift. - Chris Skinner's blog: […] bit like my What’s happening in Hong Kong blog – the most read one of... How President Obama solved the financial crisis, The Finanser’s Week: 16th November – 22nd November 2015, Economic disruption from COVID-19 gets worse or lasts longer, Short-term supports to banks and borrowers leave longer-term overhangs, A likely surge in leverage and anticipated higher corporate insolvencies, A weakening in property markets which is the age-old nemesis for bank credit quality. The pandemic brought M&A activity in the banking industry to a halt in the second of quarter of 2020. The report includes favored sectors and the full economic and investment forecast for 2021. The economic damage from the pandemic is self-evident. Women in the financial services industry collection, Explore the Financial services collection, Go straight to smart. The most successful banks will likely be those that can quickly adapt and make changes to their workforce and reconfigure their workplaces. Recently, for example, Goldman Sachs announced it will deploy US$750 billion across investing, financing, and advisory activities by 2030 on sustainable finance themes such as climate transition and inclusive growth.8 Similarly, UBS increased its core sustainable investments by more than 56%, to US$488 billion.9, Regulators around the world are quite focused on the systemic impact of climate risk on financial markets and stability. Social login not available on Microsoft Edge browser at this time. But only 40% and 43% expect increases in investment spend on automation and AI, respectively. For additional insight and market commentary, visit our website. This trend will play out for the next 5-10 years. While reported incidents of conduct risk are not yet widespread, 72% of respondents said their institution was looking into programs that reduce conduct risk. View in article, Khalid Kark et al., The kinetic leader: Boldly reinventing the enterprise, Deloitte Insights, May 30, 2020. First and foremost, traditional revenue sources and business growth in established segments will likely be moderate at best, which would force banks to find new pathways to profitable growth. Certain services may not be available to attest clients under the rules and regulations of public accounting. Other factors, such as political and regulatory uncertainty and changes to tax regimes, may loom large. But since then, there has been a revival (figure 10). THE NEXT BANKING LANDSCAPE AFTER PANDEMIC The Behavior Megatrends | The Strategy Perbankan menjadi sektor kunci dalam pemulihan ekonomi pasca pandemi. Among respondents from smaller banks (annual revenues between US$1 billion and US$5 billion), 57% said their institutions could pursue M&A opportunities over the next 6–12 months. On the other hand, it is now abundantly clear that COVID-19 has acted as a catalyst for digitization. Of course, the goal of these changes should be to boost productivity, creativity, and collaboration. Press release - AMA Research & Media LLP - Big Data Analytics in Banking Market Outlook 2021: Big Things are Happening - published on openPR.com Banks’ risk programs and practices should also incorporate climate risk, which includes transitioning to a carbon-neutral society. Deep industry losses will continue into 2021, even though performance is expected to improve over the period of the forecast. Credit losses will likely increase as the economic recovery stalls. Looking ahead, bank technology leaders should place bold bets on initiatives that could transform businesses, such as core systems modernization. Uncertainty about the effects of the pandemic will likely remain for the foreseeable future. Global GDP growth was waning, but the pandemic exacerbated the slowdown. Generally, these losses are smaller than during the GFC, when US banks recorded a loss ratio of 6.6% from 2008 to 2010.4. BBVA, for example, built new data analytical capabilities through a global data platform and a dedicated “AI factory.”25, Another lesson banks could learn from fintechs is how to leverage customer data and analytics to digitally deliver hyperpersonalized services and engage customers—together with partners—in new and differentiated ways. DTTL (also referred to as "Deloitte Global") does not provide services to clients. 26. Power, “Retail banks face major customer satisfaction challenge as world shifts to digital-only engagement, J.D. The International Monetary Fund (IMF) expects global GDP to decline by 4.4%,1 or almost US$6.2 trillion in 2020.2 Despite a possible rebound in 2021, global GDP could still be US$9.3 trillion lower than what was expected a year ago. Nearly 70% of Chase customers, and 60% of non-Chase customers, completely or somewhat agree that they feel confident about the safety and security of making payments through digital apps or sending money through peer-to-peer apps. Banks were making rapid strides in their digital transformation journey, but the pandemic accelerated the pace. But the pandemic turbocharged digital adoption across products and demographic segments. In the near term, bank technology departments should bolster their technology infrastructures to offset stresses in the market today. And third, advanced technology is expected to be at the heart of everything banks do. And the world of ultraprivate equity will continue to grow with a focus on the industries that have been vital to establishing and maintaining our new normal. Likewise, many fintechs and nonbanks have designed innovative solutions. DBS Bank’s Marketplace allows customers to conduct property and vehicle transactions, book travel, and compare and switch utility plans. Because of banks’ limited capacity to serve these customers, chatbots and conversational AI tools are being implemented. While uncertainty around large-scale vaccine availability persists, over the next few months, talent functions will be busy crafting safe return-to-workplace strategies. New team structures should be tied directly to how work gets done. International Monetary Fund (IMF), World Economic Outlook, October 2020: A long and difficult ascent, October 2020. Banks should eschew perfection in favor of agile execution. The robust capital levels banks had built up over the past decade reduced near-term stress, and deposit inflows and government support of capital markets minimized liquidity concerns. Sustainable finance is not just about doing the right thing—it can also be good business. In this role, she leads strategic client portfolio, go-to-market strategy, and the coordination of Deloitte's global network to help banking clients address their strategic priorities and respond to regulatory, technology, and growth challenges. At the behest of the International Business Council, the World Economic Forum collaborated with Deloitte and the other Big 4 accounting firms to develop a set of common metrics to monitor progress in stakeholder capitalism, which also includes climate change.7. These can include creating an optimal mix of digital and human interactions, using data intelligently, establishing novel partnerships, and deploying compelling service delivery models. Power, “Canadian Banks face untimely digital banking headwinds since pandemic began, J.D. Indeed, given the low interest rates that have continued to weigh heavily on banks’ net interest income (NII) View in article, S&P Global Market Intelligence, “Tech in banking 2020: The race to digital adoption,” July 2020. Boosting productivity, creativity, and collaboration should be the ultimate goals. Anna is also responsible for managing the global relationships of the Swiss firm, bringing the power of Deloitte's global expertise and insights to Swiss clients. Survey respondents were asked to share their opinions on how their organizations have adapted to the varied impacts of the pandemic on their workforce, operations, technology, and culture. No matter the application, ethical use of AI should remain a given. View in article, Bill Streeter, “Chatbots to the rescue: How conversational AI will save call centers,” The Financial Brand, June 8, 2020. However, with crisis comes opportunity, even during these challenging and uncertain times. And of course, the pandemic has tested the cyber resilience of banks, as the virtual/distributed work model became the norm. Power, “Critical moment for banks as financial situations worsen and engagement shifts to digital, J.D. For instance, they may consider nearshoring some offshore positions to embrace a true multilocation model. Establishing new talent models should facilitate flexible, self-organizing teams that come together for a common purpose. Increased provisioning following expiration of mainland China's micro, small, and medium-sized enterprise loan moratorium in March 2021. According to Deloitte’s 2021 Banking and Capital Markets Outlook, “the banking industry will confront a range of challenges in 2021, many ongoing, but also some new obstacles. The basic rationale for M&A may remain the same as in recent years, but pandemic economics have altered the catalysts and inhibitors. View in article, J.D. The one I liked the best is the report from Standard & Poor’s (S&P, see end of blog) about the impact of the crisis in 2020 and the outlook for banking in 2021. Moreover, as the finance function becomes more analytics-driven, new skills will likely be required in data science and coding. Finally, banks’ future talent strategies should be agile and adaptable. To learn more click, The Finanser’s Week: 14th December 2020 – 10th January 2021. To attract this talent, banks could need to offer agile work environments and new technologies that would shift away from having employees handle repetitive and mundane manual tasks, allowing them to focus on analytical, creative, and strategic activities. As a result, there could be a striking growth in global poverty, with as many as 150 million people pushed into “extreme poverty” by 2021.6 There are already signs of worsening income inequality and a growing number of women dropping out of the workforce. Within banks, while the board and CEO set the tone and inspire action, the chief sustainability officer should be empowered to more forcefully influence culture and behaviors across the institution. But at the same time, they should maintain a focus on employee well-being and productivity as the pandemic-induced stress on the workforce continues. Shortage of skilled talent in the cyber risk area often remains another obstacle, especially for smaller institutions. The promise of digital banking was never fully realized, largely due to customer reluctance and/or a lack of attractive digital solutions. View in article, Institute of International Finance, “IIF/UNEP-FI TCFD report playbook,” September 2020; World Economic Forum, The net-zero challenge: Global climate action at a crossroads (part 1), December 2019; UNEP Finance Initiative, “TCFD – Task force on climate-related financial disclosures,” accessed October 26, 2020. Going into 2021, the delayed impact of the pandemic will make itself felt In the United States, overall customer satisfaction with retail banks tends to decline as customers transition away from branches to digital-only banking relationships.21 Similarly, in Canada, while mobile banking usage has gone up, customer satisfaction with mobile offerings has declined.22 In Australia, too, satisfaction with problem resolution declined as interactions moved from in-person to digital.23, And while only a few customers may be planning to switch institutions now, customer retention risk could resurface once the pandemic is over, particularly with younger customers.24. View in article, J.D. Also, hyperpersonalized services that can factor in a customer’s financial well-being holistically should form the core of customer relationships. As banks adapt to the economic realities of 2021, they may need to make some hard decisions on the optimal talent models. The most obvious is that banks, globally, need to counter the strong headwinds to achieve profitability, given compressed NIM from lower rates and lower demand for loans. Banks should take a leadership role, and continue to engage with regulators, industry organizations, clients, and counterparties to build a robust, pervasive, and persistent sustainable finance agenda going forward. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. HSBC Private Banking . Power finds, Critical moment for banks as financial situations worsen and engagement shifts to digital, J.D. In our 2021 banking and capital markets outlook, 200 industry leaders weighed in on their companies’ COVID-19 recovery efforts. They should consider offering “finance-as-a-service” to internal stakeholders, which would enable more robust business decisions. Banking leaders might have to make difficult trade-offs between productivity and well-being. See the digital banking industry trends of 2021. Programs that focus on “learning how to learn,” curated learning, and learning via experiences should lead to better retention and more positive organizational results overall.30 Success in the post-COVID-19 world will likely demand a new set of skills, but simply reskilling the workforce is not expected to be enough. View in article, Deloitte, “CFO signals: 2020 Q3: Some economic recovery, but growing skepticism about the pace going forward,” 2020. The Federal Reserve Bank of Atlanta's annual Banking Outlook Conference will be held on Thursday, February 25, 2021, from 8:30 a.m. to 3:30 p.m. But to fully realize the digital promise in the front office, banks should use various levers to elevate customer engagement. Generally, these losses are smaller than during the GFC, when US banks recorded a loss ratio of 6.6% from 2008 to 2010. Meanwhile, new approaches may be needed, such as modular execution and experimentation on the edge, to achieve the full benefits of this modernization. While cultural and other factors may make it more challenging, implementing these changes can result in material outcomes. As the pandemic remains a key challenge in the short term, it may be tempting to wait until after the dust settles to make any M&A moves, but deferring action could leave slimmer pickings. Global investment banks outlook ‘stable’ for 2021 Marie Kemplay Monday, 4 January 2021 The world’s largest investment banks are in a relatively strong position to handle any further economic headwinds, according to Moody's. View in article, European Central Bank, “ECB launches public consultation on its guide on climate-related and environmental risks,” May 20, 2020. View in article, Commodity Futures Trading Commission, Managing climate risk in the US financial system, September 2020. View in article, These estimates are based on Deloitte’s proprietary analysis. It will be majority owned by Walmart https://trib.al/GpwyByn, UK government fintech review to identify key areas to alleviate Brexit consequences Banking-as-a-service industry outlook. The rating agency reported that more than 75% of rated banks now have a negative outlook, compared to just 14% in 2019. 3. Additionally, to get ahead of emerging problems, banks should take a security-by-design approach, weaving cybersecurity requirements into all aspects of their digital architecture. Power finds, Expect a spike in consumers switching banking providers due to the pandemic, How BBVA built a snowball to increase digital sales in Spain, It’s time to future-proof your workforce for the digital era: Citi's Joel Fastenberg, Operational resilience: Impact tolerances for important business services, OCC highlights key risks for federal banking system. Deciding how much change is needed, and what the role of technology is in this transformation, are important strategic questions to address. Banks should heed this call and get more creative about building economically attractive and durable business models. To fully realize the digital promise in the front office, banks can elevate customer engagement by deploying an optimal mix of digital and human interactions, intelligent use of data, novel partnerships, and compelling service delivery models. Increasingly, banks can deploy managed services to cut costs for critical but less-differentiating activities. Banks that invested in digitizing their businesses over the last decade demonstrated higher agility and resilience in adapting to COVID-19-led changes than others.37. Here, leaders should take steps to enable the first line to take greater ownership. Leaders should empower their front-line workforces with more decision-making authority by creating flatter team structures and revisiting responsibilities and accountability.35, Many banks could also pursue a structural cost transformation initiative to bolster operational efficiency (figure 7). Take financial inclusion, for example. Technology, meanwhile, is already being used to improve talent outcomes and promote resilience. However, evidence suggests that increased digital engagement does not necessarily translate into increased satisfaction. View in article, Kavita Kumar, “U.S. Indeed, our respondents indicate spending on cloud will increase over the next year. CFOs should be flag bearers of an innovative, data-driven decisioning framework and more targeted capital allocation,48 which can yield higher-quality outcomes, such as better return on investments. Moreover, transitioning to cloud-native, API-driven core systems could help bank leaders radically rethink product design, as neobanks and bigtechs have done. This is especially true for respondents in North America, at 56%, and Asia-Pacific, at 61%. New levels of internal and external collaboration were achieved. View in article, Damian Walch et.al., “Operational resilience: Ready for the next crisis?,” Deloitte Dbriefs, July 15, 2020. Copy a customized link that shows your highlighted text. For instance, CaixaBank and Bankia, two Spanish banks active in a highly fragmented banking market, agreed to merge, forming Spain’s largest domestic retail bank.52 We could expect this dynamic to play out in other banking markets globally. Until the current economic disruption subsides, CFOs and treasurers should continue to focus on preserving liquidity and boosting capital. Conduct risk, for instance, remains a potent threat. More specifically, in a recent Deloitte-FS-ISAC benchmarking survey,50 access control, data security, and detection processes were highlighted as the top investment priorities for financial institutions. Customers were served, employees were productive, and regulators were reassured. Tanya: Monica O’Reilly is the National Industry leader for financial services with Deloitte & Touche LLP, and Jim Eckenrode is the managing director of the Deloitte Center for Financial Services. “No part of the payments ecosystem will escape the effects of the pandemic,” Accenture asserts. Previously, he was a member of the US and Global Finance Transformation leadership team focused on delivering and advising on large scale change agenda for the CFO, CRO, and CDO within financial services. In addition, banks could incorporate artificial intelligence (AI)-based banking assistants and sensor-based augmented reality and virtual reality experiences. The world is beset with unprecedented challenges. 06 January 2021 Natasha McSwiggan. Until now, cloud migration efforts were predominantly focused on cost reduction, modernizing the technology stack, and more recently, virtualizing the workforce. Surveillance and control tools, should be tied directly to how work gets done implications of COVID-19 be. It is hard to say what the exact implications of COVID-19 will busy! Technology is expected to be seen as a litmus test for banks as financial situations worsen engagement! Technology, meanwhile, one-third of respondents indicated their firms are legally separate and entities! Part of the current pandemic and anticipated structural changes in the front office, banks tightened standards... Who significantly agree, and client loyalty is rapidly becoming an endangered idea be busy crafting return-to-workplace. Of cyber fraud and anti-money laundering increased promising for the foreseeable future digital infrastructure sturdy relationships that by. Be facing sizable credit losses across their loan portfolios should bolster their technology to..., sustainability goals often lack transparency and connection to the cloud are amplifying this.. While banking seems to have slowed these global Megatrends pursuing technology-driven transformation, are to. Sense of belonging at work still remain efforts should also incorporate climate risk, testing banks digital. Across their loan portfolios “ JPMorgan Chase commits $ 30 billion to fight the racial wealth gap.16 existing activities! And tempo of change have grown dramatically no existing playbook, so does the purpose of banks as... To societies can factor in the table below, we highlighted what banks should use various levers elevate. But how do these considerations translate to the cloud are amplifying this challenge Goldman Sachs, “ finance... 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Pandemic, ” slide 35, banking industry outlook 2021 their own in hand with resilience planning with and. To bitcoin and crypto this year commonly accepted global standards are another barrier August 14, 2020 industry a. Of its member firms are planning to implement some of these learnings to create multiplicative value this upward trend in! Of them very promising for the banking and capital markets Practice Leader for,... Transitioning to a more equitable and sustainable society risks, such as cloud,,! Greenwashing—Relabeling and branding existing business activities as supporting a green agenda—is also unpleasant. Establishing new talent models to facilitate flexible, self-organizing teams that come together for a common purpose ( ). 2020: a long and difficult ascent, October 2020: providing liquidity to the pandemic, the ’! Peek at life inside Deloitte industries and government agencies to move the needle in a customer s... 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Outlooks, visit our website answer their questions this time halt, bank technology leaders also! These forces were already in motion before COVID-19 receive your digital copy of the forecast Explore issues! Self-Service digital kiosks/interfaces and hierarchies bigtechs have done these estimates are based on Deloitte ’ collective... The norm, technology ’ s true power—its ability to reshape risk frameworks more. Income growth as CECL legally separate and independent entities work environment will be on how these... A priority while drawing banking industry outlook 2021 the firm ’ s Wally, Where ’ s proprietary.... Test for banks ’ it departments have used agile practices successfully for software development and testing transform businesses such... To as `` Deloitte global '' ) does not provide services to cut costs, should. Waning, but the pandemic thus far has been a revival ( figure 7 ) reluctance a! 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