The year ahead promises to be an uncertain and risk-filled one, which is why banks around the world have made significant provisions for credit losses. Certainly, the macroeconomic situation could affect banks’ revenue and potentially cause customers to struggle to replay loans. The competitive environment, while dampened by the effects of the pandemic, is likely to continue to present surprises. Similarly, the risk of cyberattacks remains a very real concern. Other risks are less dramatic but—over the long term—present a serious challenge to banks that fail to address them. These include the failure to make the internal changes needed to remain competitive: attract and retain the necessary talent; meet customer expectations by fostering more human relationships; optimize operations for efficiency, quality and innovation; capitalize on the cloud for agility, collaboration and security; use data more effectively for personalized experiences and insight-driven decisions and more.