Banking

Even before COVID-19, bank branches were less frequented by customers, who were increasingly choosing to bank via online and mobile channels. But in the last two years, many branches have been closed due to restrictions—some temporarily, others permanently. Although remaining bank branches will survive, they will likely be reconfigured.

The race to banking digitalisation accelerated during the pandemic, as customers flocked to digital channels. Despite the decisive progress banks have made in either rolling out or fortifying their digital-transformation strategies, many have room to do much more to remain competitive in an increasingly technological financial ecosystem.

A renewed commitment to the green transition to net-zero emissions by 2050 is shaping the European Union government’s policies and banks’ strategies. What requirements should European banks expect from upcoming regulations, and what oversight should they demand from regulators to ensure an equitable, profitable and secure transformation?

As we await the pandemic’s demise, the banking industry is equipping itself to be at the centre of the economic recovery, providing businesses with the resources they will need to not only survive but thrive as government supports end and debt realities set in. PwC’s report highlights what to expect as economies emerge from the crisis.

Many pressing issues penetrate the bank boardroom, but few are as acute as ESG. Corporate Governance, representing the third letter of the acronym, in many ways incorporates the first two, Environmental and Social. Sustainability considerations and stakeholder interests have become intertwined, and board members must respond appropriately.

Once considered challengers, tech-adept fintechs and neobanks are now viewed as valuable partners by traditional banks worldwide, including in the GCC region, with its high relative proportion of digitally inclined youthful customers. A few obstacles to seamless integration linger, but the push is on for mutually beneficial collaboration.

Delivering a superior customer experience (CX) has been given lip service for years, but the number of businesses that successfully created the cultural mindset and corresponding behaviors to deliver on their brand promise has not materialized. To complicate matters, with the onset of COVID-19 in 2020 and the year that followed, the rules were turned upside down.

The need to address climate change is motivating public- and private-sector participants to act, including banks. But along with the focus on achieving net-zero emissions comes the acknowledgment that the pain from such a radical transition in energy production and consumption will be unevenly felt. How can a just transition be achieved?

With preparations for ISO 20022, the new global messaging standard, underway, what are the remaining challenges of this industry transition, and how can banks prepare with deadlines looming? The required steps to migrate to the new framework may seem daunting, but the rewards of fast, frictionless payments will make them well worth taking.

In Switzerland, long esteemed for its private banks, Piguet Galland stands out with a “family doctor” model that comprehensively cares for clients’ financial health so they are better equipped to achieve their life goals. The success of this 10-year-old boutique bank’s strategy is confirmed by high client and staff satisfaction levels.