2018 Global Banking Industry Outlook?>
For banks globally, 2018 could be a pivotal year in accelerating the transformation into more strategically focused, technologically modern, and operationally agile institutions, so that they may remain dominant in a rapidly evolving ecosystem – says the latest report from Deloitte. The 2018 report from Deloitte says there are six key themes driving banking industry trends.
The six macro themes that should be critical for long-term growth:
- Customer centricity
- Regulatory recalibration
- Technology management
- Mitigating cyber risk
- Fintechs and big techs
- Reimagining the workforce.
At a high level, retail and commercial banking should continue to grow at a healthy pace, but the challenge might be to adapt to a more mobile-centric customer-oriented world in which automation is increasing.
Payments and capital markets businesses will likely witness the most change, with the former seeing unprecedented disruption, and the latter undergoing a shift in the basis of competitive differentiation.
Wealth management, on the other hand, would need to evolve with the ongoing democratisation of financial advice.
Banks that can address these emerging challenges and opportunities to effectively balance long-term goals with short-term performance pressures could be amply rewarded.
For the full report click here.