Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges
The banking industry is facing unprecedented challenges, including cybersecurity threats, the need for rapid technology upgrades, a high degree of uncertainty, aggressive entry of technology giants into the financial market, and others. Like most traditional sectors, banks are trying to keep up wit...
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| Format: | Article |
| Language: | English |
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National Research University Higher School of Economics
2023-09-01
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| Series: | Foresight and STI Governance |
| Subjects: | |
| Online Access: | https://foresight-journal.hse.ru/article/view/19181 |
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| _version_ | 1850214880778387456 |
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| author | Tomer Kedarya Amir Elalouf |
| author_facet | Tomer Kedarya Amir Elalouf |
| author_sort | Tomer Kedarya |
| collection | DOAJ |
| description |
The banking industry is facing unprecedented challenges, including cybersecurity threats, the need for rapid technology upgrades, a high degree of uncertainty, aggressive entry of technology giants into the financial market, and others. Like most traditional sectors, banks are trying to keep up with the pace of change, monitor emerging risks, and adjust their development strategies. The article analyzes the emerging trends for the banking sector globally and, in particular, in the context of Israel. Interviews with representatives of the most influential national banks formed the information basis of the study. Shifts in corporate strategies, requests for new business models and «working with the future» were identified. The results emphasize the importance of an integrated, holistic approach to risk management and may be useful for banks not only in Israel, but also in other countries and regions.
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| format | Article |
| id | doaj-art-dfe763e1b2b244019f3db9a320fd4ea4 |
| institution | OA Journals |
| issn | 2500-2597 |
| language | English |
| publishDate | 2023-09-01 |
| publisher | National Research University Higher School of Economics |
| record_format | Article |
| series | Foresight and STI Governance |
| spelling | doaj-art-dfe763e1b2b244019f3db9a320fd4ea42025-08-20T02:08:46ZengNational Research University Higher School of EconomicsForesight and STI Governance2500-25972023-09-0117310.17323/2500-2597.2023.3.68.76Risk Management Strategies for the Banking Sector to Cope with the Emerging ChallengesTomer Kedarya0Amir Elalouf1Bar-Ilan University, Ramat Gan 5290002, IsraelBar-Ilan University, Ramat Gan 5290002, Israel The banking industry is facing unprecedented challenges, including cybersecurity threats, the need for rapid technology upgrades, a high degree of uncertainty, aggressive entry of technology giants into the financial market, and others. Like most traditional sectors, banks are trying to keep up with the pace of change, monitor emerging risks, and adjust their development strategies. The article analyzes the emerging trends for the banking sector globally and, in particular, in the context of Israel. Interviews with representatives of the most influential national banks formed the information basis of the study. Shifts in corporate strategies, requests for new business models and «working with the future» were identified. The results emphasize the importance of an integrated, holistic approach to risk management and may be useful for banks not only in Israel, but also in other countries and regions. https://foresight-journal.hse.ru/article/view/19181new technologiestransformationscenario planninginnovation strategiesrisk managementfuture of banks |
| spellingShingle | Tomer Kedarya Amir Elalouf Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges Foresight and STI Governance new technologies transformation scenario planning innovation strategies risk management future of banks |
| title | Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges |
| title_full | Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges |
| title_fullStr | Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges |
| title_full_unstemmed | Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges |
| title_short | Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges |
| title_sort | risk management strategies for the banking sector to cope with the emerging challenges |
| topic | new technologies transformation scenario planning innovation strategies risk management future of banks |
| url | https://foresight-journal.hse.ru/article/view/19181 |
| work_keys_str_mv | AT tomerkedarya riskmanagementstrategiesforthebankingsectortocopewiththeemergingchallenges AT amirelalouf riskmanagementstrategiesforthebankingsectortocopewiththeemergingchallenges |