Banking

Could COVID-19 contribute to economic growth? In the United States, the upsurge in new-business applications indicates that despite its devastating effects on many small businesses, the pandemic may result in new startups being launched due to various causes, including the isolation and extra time for reflection resulting from closures. Although only a percentage of business applications result in business formations, the data suggests robust US business creation for 2020 overall.

2020 has proved to be an eventful year for ISO 20022, with SWIFT (Society for Worldwide Interbank Financial Telecommunication) and other major market infrastructures opting to postpone the implementation of the new standard. Any assumptions that these delays will provide participants with a respite are unfounded; testing times still lie ahead, and internal project work should reflect this.

For 150 years, banks in the United States have been financial anchors in their communities, and they continue to be. But the banking industry is not anchored to its own traditions and is moving in tandem with evolving technologies and consumer expectations. Unbundling and decentralization are transforming how the financial-services industry fulfills its role to undergird societal prosperity, with the OCC providing needed guidance in a time of continuous flux.

Banks that had not invested much in digital transformation are now, with COVID-19 on the scene, wishing they had. Digital automation has become a necessity to provide financial products and services in a socially distant world, and smart banks are making the most of the many technologies at their disposal. Speed, agility, personalization, security and, of course, cost savings are positive reinforcements to the financial industry’s push to transform itself.

The banking industry of Greece, along with the population, was put through its paces during the past decade, as financial troubles snowballed into a national crisis. One of Greece’s long-established traditional banks, National Bank of Greece, withstood the turmoil to emerge today as its country’s pioneer in digital innovation, leading its millions of customers into a future filled with hope for greater choice, efficiency and satisfaction in their banking experiences.

Change is as much a part of life as breath itself, and that’s true in banking. Already in the midst of transforming itself to meet the expectations of its increasingly digitally inclined customer base better, COVID-19 gave it a swift kick that has expedited those adjustments. As society transitions into the “new normal”, what are some of the positive changes in banking that will remain even as the virus wanes?

A global crisis is the litmus test of a bank’s fitness to serve its customers. In Belgium, bank-insurer KBC Group has proven throughout the COVID-19 upheaval that it is equipped to weather the storm and make lasting improvements that will outlive the pandemic into the future. Guided by its PEARL+ cultural philosophy and dedication to digitalisation, KBC continues to help all of its stakeholders realise their dreams while protecting them.

Belgium’s bank-insurer KBC Group has learned through experience that thinking differently and aiming for the next level is the surest way to meet its goals of enabling customers as they realize their dreams and protecting them as they progress. In our interview, CEO Johan Thijs explains how KBC is leading through one of the most challenging times the financial and insurance industries have experienced, with its focus trained on customers.

Nordea Bank Apb, based in Finland, has proved that banks can be their customers’ greatest financial support in times of crisis. Long committed to assisting customers to realize their dreams, Nordea has taken proactive steps to ensure that their clients continue to not only survive but thrive during the COVID-19 pandemic. In our interview, CEO Frank Vang-Jensen describes the bank’s resolute commitment to go one step further for its customers.

The best banking institutions in retail, commercial, private and investment banking are highlighted along with two outstanding CEOs from their regions.