Bankers are bullish on digital transformation. According to 2018 research by the Boston Consulting Group, 86% of financial institutions agree that digitization will upend the industry and permanently transform the competitive landscape.
Hong Kong, southern China’s special administrative region, is counted as one of the world’s foremost financial hubs, ranking high in digital transformation, and is currently rolling out virtual banks, which are keeping traditional banks on their toes. One of the well-established banks in Hong Kong, China CITIC Bank International (CNCBI), has staked claim to being a frontrunner in digitalization and is rapidly expanding its innovation footprint in China’s Greater Bay Area.
Diversity and inclusion have recently become top goals in the strategic policies of many banks, but how is execution matching up? Research continues to expose large gaps between good intentions on paper and good outcomes in practice. Diversity and inclusion are more than nice-sounding words; when realized, they boost profitability. Banks that go no further than prioritising these goals in mission statements miss out on playing the ace.
In January 2016, the 17 SDGs of the UN’s 2030 Agenda for Sustainable Development came into force, aiming to end such conditions as poverty, inequality, repercussions of climate change. Agreeing to these lofty goals was one thing; actualizing them is another. Further investment, to the tune of $2.5 trillion for developing economies alone, is one of the main hang-ups. Can the private sector assist its finance partners in closing the gap?
Despite the record-breaking highs achieved by US stock markets, 2018 is ending with virtually all those gains wiped out. And it’s not just the United States that has suffered. Germany’s DAX, the United Kingdom’s FTSE 100 and Japan’s Nikkei 225 are all ending the year firmly in the red.
How can banks and financial institutions get through to the generation born in the 1980s and 1990s, the so-called “millennials”, also known as Generation Y, given their shorter attention spans and distrust of brand loyalty?
Around the world the one constant is change. How countries respond to the challenges and opportunities that change brings determines in large part how successful they will be in the future. KPMG’s Change Readiness Index reveals some expected and unexpected results about various countries’ capabilities to adapt to and take advantage of change in the areas of enterprise, government and civil society.
Imagine you walk up to an ATM to withdraw cash, and it automatically recognises you. It knows all of your personal details and remembers the sort of transactions you usually complete
With billions to be made from hacking into their networks, banks around the world are having to expend more resources to thwart the efforts of ever-more enterprising cybercriminals. Although the threat is growing especially to banks in developing countries, efforts to stop it are also strengthening through collaboration among industry partners.