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...
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