The financial services industry has long been a prime target for cyber criminals chasing big payoffs. However, the work the sector has put into standards and controls is beginning to deliver results.

To be ready for the move to real-time everything, transaction banks need to modernise their plumbing, re-engineer their core processes and harmonise their data flows, as well as bring their corporate and SME clients on the journey with them.

No longer content to sit on the sidelines of the Bank of England’s digital currency experiments, Project New Era plans to launch a private sector consortium for a real-world ‘dSterling’ pilot.

The war for talent has never been greater, as many people have reassessed their lives and work during the Covid-19 pandemic. Transaction banking’s digital transformation, as well as its role in supporting the real economy, may give the industry an edge in attracting and retaining staff.

The survey results underpinning the WEF’s Global Risks Report 2022 paint a bleak picture for the global recovery, with just one in six international business leaders feeling positive about the outlook for the world. 

Penalties that financial institutions incurred for non-compliance with anti-money laundering and data privacy regulations have dropped significantly in 2021. However, there is still much work to be done to stem financial crime.

Cryptocurrencies, sustainability and financial inclusion are the notable hot topics for the banking industry over the past year, as well as regulatory changes and the continued digital transformation of the sector. 

In recent weeks, a few central bank experiments with wholesale digital currencies and blockchain have come to fruition, as well as private sector initiatives, all aiming to improve transaction settlement. 

The 11th edition of McKinsey’s annual banking review analyses the global industry’s profitability challenges, as well as the widening gap in market-to-book ratio between top and bottom performers.

Join us (virtually) as we raise our glasses to the banks that outshone their peers in terms of performance, strategic initiatives and response to the Covid-19 pandemic in 2021.