A report earlier this year by Deloitte titled “2022 Banking and Capital Markets Outlook” (PDF) summarized the results of the company’s global survey among 400 senior banking and capital markets executives in finance, operations, talent, and technology.
The survey asked the executives to address how their firms have adjusted to the effects of the pandemic, including investment objectives and anticipated structural changes in 2022.
Respondents were asked about their planned enhancements to reduce customer flight.
The Deloitte report also included findings of its 2021 U.S. digital banking consumer survey, which asked respondents about the likelihood of changing primary banks in 2022.
Sustainability now impacts banking. A September 2022 study by Boston Consulting Group titled “Global Retail Banking 2022: Sense and Sustainability” (PDF) reported that roughly 75% of worldwide retail banks are planning to increase spending on environmental, social, and governance (ESG) initiatives.
According to the study, worries about climate change are now influencing the decisions of investors, policymakers, and consumers. In response, retail banks are incorporating sustainability into their digital initiatives.
Sam Stewart, global leader of BCG’s retail banking segment, stated in the report, “Retail banks have a critical role to play as societies and their institutions address social and environmental challenges. As they consider a redirected future, retail banks should ask themselves a couple of existential questions: What will our customers be looking for beyond straightforward financial products and services in the next few years? And how can we align our business goals with meeting those needs before our competitors do so first?”