With governments in many countries around the world eager to support pandemic-hit economies with cheap money, interest rates have been kept low or reduced further. A low interest rate environment is challenging for banks who are expected to pass on rate reductions to borrowers but are restricted in their ability to reduce funding costs from already low-cost deposits. So, what are they to do?
In the last five years, traditional banks have faced immense disruption by new players in the field. Today, the pandemic accelerated that disruption: In 2020, more than half of banking customers surveyed in APAC were willing to switch to neobanks, or new digital contenders. What makes consumers reconsider their options, and could 5G be the key to this switch?
Up against great economic and societal upheaval as a result of Covid-19, banks around the world continue to take sustainability seriously and firmly acknowledge the related risks and opportunities, for the market and wider stakeholders alike. For the second year running, Mazars publishes its responsible banking practices report to assess how banks embed sustainability into their commercial practices.
The financial services (FS) industry has been undergoing rapid disruption for a number of years, and the impact of Covid-19 has only reinforced the need for innovation. Use of digital channels, for instance, has significantly increased during the pandemic and it will be some time until clients start returning to physical branches on mass, if at all.
The current pandemic is having far reaching consequences across all aspects of society. Compared to other industries the impact on the credit card industry is relatively mild and from a customer perspective the value of on-demand liquidity is now clearer than ever. However, there will be significant impacts on industry profitability. Reduced international travel will severely impact foreign currency...
For many years the branch has been at the heart of banking operations across the world, simultaneously playing the role of service delivery hub, sales outlet, processing centre and unit of account. In more recent times the branch has been somewhat upstaged by digital channels and the promise to revolutionise everything from customer experience through to the economics of distribution. So what are...
Mazars’ regional financial services consulting team aims to assist clients in exploiting key growth opportunities to deliver superior economics.
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