The banking sector has been, and continues to move, through a considerable transformation - from addressing the issues arising from the 2008 financial crisis and the COVID-19 pandemic, to shifting to a far more digital operating and distribution model. Our industry is evolving at pace with new challenges to address and significant opportunities to pursue.
We are living in an ever more digital economy where operations work seamlessly between the physical and virtual and where online services, digital currencies and contactless payments are becoming the norm.
Technology is also underpinning some fundamental changes in the way we work with automation of processes increasing; recruitment, learning and development needs changing rapidly, and far greater adoption of remote working all contributing to a new workplace dynamic.
Equally, the evolving environment we are working and living in demands more resilient processes, teams and organisations. New risk models and strategies need to be adopted to ensure new challenges across cyber, third-party risk, financial resilience and others are managed successfully. Not to forget the need to keep pace with the evolvement of regulatory requirements and the environmental, social and governance (ESG) agenda.
We have identified six key trends against which bank’s performance will be critically important as they position themselves for the future.
KPMG's Banking and Capital Markets practice is helping the industry navigate these challenges, and capitalise on the opportunities today's evolving landscape is creating. To discuss these trends and their impact on your business, please contact us.