Climate change, renewable energy, biodiversity, social equality and other sustainability objectives are top concerns for financial firms and stakeholders. To be on the right side of the transition, banks need to adopt strategy models that incorporate social and environmental factors in loan criteria. Only then will they begin banking for impact.
Thanks in no small part to recent rate cuts by the US Federal Reserve System, Singaporean banks are now under increasing pressure. And the outlook for the Asian city-state’s banking sector suggests that things may get only worse this year, especially for the three biggest players:
“Plan for radical change, or prepare for obsolescence” was the recent message from former Apple CEO John Sculley in reference to the banking sector’s latest digital innovation: the chatbot. As part of the ongoing fintech revolution, mobile-messaging applications are now being adopted around the world at an astronomical rate.