It is remarkable that despite the turmoil of the past 18 months, banks enjoyed their highest profits in more than a decade. Still, lenders must adapt to the great banking transition, according to McKinsey’s Global Banking Annual Review 2023, because a multi-decade evolution is underway.
Alexander Edlich, senior partner at McKinsey and one of the report’s co-authors, says that banks have a historic opportunity to reinvent themselves across balance sheets, transactions and payments.
