The world has undergone significant changes since the onset of the pandemic, especially in the financial industry's journey towards digitalisation. The pandemic expedited the transformation of customer interactions by three years and pushed banks' digital offerings ahead by seven years. However, as the pandemic-induced digitalisation boom subsides, the global economy braces for a recession, accompanied by a looming banking crisis triggered by the collapse of regional banks like SVB. In light of these developments, it is crucial to assess the progress made and the challenges that lie ahead in the digital transformation of financial services.

Not all recessions are the same. The wave of fintech innovations that reshaped the financial system in 2008 resulted from the introduction of smartphones and the great recession. As we approach the next recession, we must understand the impact of the crisis, combined with technological advancements.