The single largest risk identified by 79% of banking CEOs is the cost of living, reflecting the impact on customers and workforces, leading to stalled borrowing and investing volumes and significant wage inflation; KPMG releases 2023 Banking CEO Outlook Report
FinTech BizNews Service
Mumbai, November 29, 2023: KPMG has released its 2023 Banking CEO Outlook Report.
In this time of global economic and geopolitical movement, the world’s banking leaders are facing a myriad of complex challenges. Among them, considerable market uncertainty is impacting their customers’ financial health and behavior, heightened supervision and increased regulatory capital costs, and rapid technological disruption—with the two-sided coin of new opportunity and risk.
Despite these challenges, CEOs remain confident in their three-year outlook, and they are taking a purpose-led and proactive approach to build organizational resilience and pursue pragmatic growth. These are among the high-level findings from the KPMG 2023 Banking CEO Outlook, in which KPMG surveyed 142 banking CEOs, to collect their perspectives of their business and the economic landscape over the next three years.
Francisco Uría, Global Head of Banking and Capital Markets, KPMG International, observes: “We gained deep insights from this diverse cohort of banking leaders, who represent countries in the Americas, Europe and Asia (60 percent from the US, UK, Canada and Germany), are spread across the retail, commercial and corporate banking sub-sectors, with 71 percent hailing from organizations with revenues from US$0.5-$9.99 billion. For example, while the findings indicate clear optimism in overall business growth, they point to a shifting slate of concerns and risks, an evolving approach to strategic planning and leadership, and a rising focus on delivering sound ESG strategies, while balancing the opportunities and unknowns posed by fast-emerging generative AI.”
Other key findings include: