Three years since the pandemic started, labour markets remain tight, with unusually high levels of vacancies relative to (low) unemployment levels.6 Furthermore, while year-on-year rates of inflation have peaked in most economies, the latest readings in major countries have shown stronger shortterm momentum in consumer prices.
At the front end, smartphones ensure that companies are able to make their solutions available to a large number of users in a short space of time. Costs could be reduced here, too, as there is no need to maintain a cost-intensive branch network. Moreover, these solutions are in keeping with the new digital age in terms of customer convenience.