The Deloitte US Center for Financial Services conducted a global survey among 200 senior banking and capital markets executives in finance, operations, talent, and technology. Longer term, banks should accelerate and amplify their transformation efforts across the enterprise. Office of the Comptroller of the Currency . While a number of fintechs have emerged over the past few years to help financial institutions execute on this strategy, expect 2021 to see strong demand for three types of fintech providers in particular: Core workarounds may not be new, but in some respects, they are—like the first two trends—disruption of the value chain. In the table below, we highlight some key strategic and operational priorities for businesses to consider. M&A activity in the fintech/digital lending space should also ramp up because fintechs will increasingly want to expand internationally and seek access to a banking license. View in article, Ajit Kambil et al., “Reinventing FP&A for the pandemic and beyond,” Deloitte, 2020. How can the emerging lessons serve as a catalyst for business transformation? They should consider offering “finance-as-a-service” to internal stakeholders, which would enable more robust business decisions. Risk.net's Global Libor Series delivers the inside track on regulatory, market and product developments, explores the implications and emerging risks for market participants, and reveals the strategiâ ¦ 04 Feb 2021 - 26 Nov 2020 London, UK The pandemic also highlighted the need for greater rigor in some banks’ business continuity planning, crisis management, and recovery.33 Moreover, it exposed vulnerabilities in their global footprint and dependence on external provider networks; in countries observing national lockdowns, many institutions experienced a disruption in offshore delivery centers. View in article, The United States Department of Justice, “Antitrust Division seeks public comments on updating bank merger review analysis,” September 1, 2020. The survey was fielded in July and August 2020. With the rise in cyberattacks at the forefront of the news on a near daily basis, it's becoming increasingly clear that the role of risk management and security must be elevated throughout the financial services and banking markets. But agile methods should now be integrated into business operations. Also, technology leaders should factor in how the current technology stack can interface with not just next-gen but next-next-gen innovations, such as advanced machine learning techniques, blockchain applications, or quantum computing. Realizing the digital promise: Key enablers for digital transformation in financial services, Chatbots to the rescue: How conversational AI will save call centers, Banks left with pockets full of cash and few places to go, Reinventing FP&A for the pandemic and beyond, CFO signals: 2020 Q3: Some economic recovery, but growing skepticism about the pace going forward, Banks raise concern over insider threats as pandemic takes toll on mental health, Tech in banking 2020: The race to digital adoption, Cross-border mergers in Europe would help diversify banks - ECB's de Cos, Antitrust Division seeks public comments on updating bank merger review analysis, CSBS comment letter: Antitrust Division banking guidelines review: Public comments topics & issues guide, Preparing for the future of commercial real estate, COVID-19 return-to-the-workplace strategies. Uncertainty about the effects of the pandemic will likely remain for the foreseeable future. Emerging technology can help. The banking industry’s collective response to the pandemic thus far has been notable. 2021 Emerging Markets Credit Outlook. In addition to helping allocate or redirect capital toward economic activities that are net positive to societies, they can also nudge new behaviors among clients and counterparties. Artificial intelligence has transformed transaction monitoring, risk scoring and model building, case management and investigation, and contextual reporting. Forced to respond to some exacting realities, banks learned valuable lessons in the early months of the pandemic. Gene Fang from the Sovereign team, Yubin Fu from Sub-Sovereign team and Nicholas Zhu from the Banking team discuss the credit outlook across a number of Chinese sectors in 2021, including regional and local governments. This feature, largely provided by challenger banks, enables account holders to receive paychecks up to two days in advance from standard payday. View in article, Anton Sher, Steven Ehrenhalt, and Jonathan Englert, Crunch time V: Finance 2025, Deloitte, 2018. For example, questions remain as … Thursday, November 19 | 10:00 EST | 15:00 GMT. Master 16-30 (out of 43). For instance, regulators in Europe have reiterated the need for banks to consolidate across borders and drive diversification.54, Similarly, the US Department of Justice is contemplating an overhaul of its outdated bank merger competitive review guidelines to reflect the current realities of a digitized world.55 This may remove barriers to mergers and acquisitions, particularly among smaller/rural banks, according to the Conference of State Bank Supervisors.56. Banks can institutionalize the lessons learned during the pandemic. Four risks could make 2021 the toughest year for banks since 2009, says S&P The ratings agency currently has a “negative” outlook for about one third of global banks, with many downward revisions... S&P’s base case is for a sharp rebound in global … In addition to these enterprisewide initiatives, implementing LoB–level cost transformation efforts may be required. Summary. Banks’ healthy capital levels before the pandemic also helped mitigate the negative impacts from the crisis and should pave the way for the global economy to thrive in the future. However, the first half of 2020 exposed vulnerabilities in banks’ technology arsenals. In addition to the financial fallout, COVID-19 is reshaping the global banking industry on a number of dimensions, ushering in a new competitive landscape, stifling growth in some traditional product areas, prompting a new wave of innovation, recasting the role of branches, and of course, accelerating digitization in almost every sphere of banking and capital markets. There may not be one core systems solution that fits all, so to determine which option is best, banks should evaluate the sustainability of current platforms, their appetite for risk, and the need to innovate their offerings. Over 45 financial institutions took part in the 2020 study, from both the banking and insurance sectors. In 2021, the fastest growth in cloud spending will happen in the SaaS market. View in article, Bank of America, Q3 2020 financial results, October 14, 2020. Many of these small businesses would consider obtaining accounting and payments services from a bank—as would many that don’t currently use third-party services and, instead, incur internal expenses for their accounting and payments functions. Two fintech firms provide ways to do that: 1) Autobooks provides a turnkey service for financial institutions to white-label small accounting, invoicing, bill payment, and payment acceptance systems for small businesses. The rise of Fintech companies, internet banking, and mobile banking are some of the classic examples of emerging trends in the banking sector and financial services. Within banks, while the board and CEO set the tone and inspire action, the chief sustainability officer should be empowered to more forcefully influence culture and behaviors across the institution. 3) Stripe’s announcement of Stripe Treasury. It’s 3) Early Direct Deposit. Realizing the digital promise: Key enablers for digital transformation in financial services, Deloitte and Institute of International Finance, June 4, 2020. For instance, they may consider nearshoring some offshore positions to embrace a true multilocation model. Knowing which risks to focus on is key, but so is understanding the implications and the right steps to take. In our 2021 banking and capital markets outlook, 200 industry leaders weighed in on their companies’ COVID-19 recovery efforts. COVID-19 not only accelerated digital adoption, it has also been a litmus test for banks’ digital infrastructures. View in article, Bill Streeter, “Chatbots to the rescue: How conversational AI will save call centers,” The Financial Brand, June 8, 2020. Personally, I don’t think early direct deposit counts as “payroll tech” because the service is really a risk management decision—not a technology offering. Operational resilience: Ready for the next crisis? The pandemic is perhaps the most formidable test right now, but income, racial, and gender inequities, along with persistent risks from climate change, are no less daunting. For instance, banks’ IT departments have used agile practices successfully for software development and testing. I’ve never been a big fan of “Year of the [fill-in-the-blank]” proclamations. However, with crisis comes opportunity, even during these challenging and uncertain times. Power finds,” September 1, 2020. Conference | March 24, 2021 March 24-26, 2020 | Nashville, TN | An annual opportunity to assess the current risk climate, what's on the horizon and … ... banking organizations (collectively, banks), as well as identified service providers. Risk.net's Global Libor Series delivers the inside track on regulatory, market and product developments, explores the implications and emerging risks for market participants, and reveals the strategiâ ¦ 04 Feb 2021 - 26 Nov 2020 London, UK First, they should prioritize retaining first-time users of digital channels by using targeted offers and engagement strategies. Adam Jacobson and Morgan O'Rourke. Likewise, many fintechs and nonbanks have designed innovative solutions. But how do these considerations translate to the individual business segments? The chief risk officer may also want to partner with the institution's chief sustainability officer, and industry organizations to create new risk standards and models that include climate risk. She advises political, trade credit, terrorism and contingency underwriters, covering all emerging markets, and monitors the team’s aggregate exposures to … In addition, banks could incorporate artificial intelligence (AI)-based banking assistants and sensor-based augmented reality and virtual reality experiences. No matter the application, ethical use of AI should remain a given. Banking leaders around the world have faced an array of challenges on the talent front, from shifting to a remote, distributed workforce to finding ways to keep employees engaged and productivity high. For instance, at Standard Chartered, retail banking digital sales grew 50% year-on-year in H1 2020.20. What is even more impressive is the spike in digital sales—the holy grail in digital banking. Sustainable finance is not just about doing the right thing—it can also be good business. As a result, there could be a striking growth in global poverty, with as many as 150 million people pushed into “extreme poverty” by 2021.6 There are already signs of worsening income inequality and a growing number of women dropping out of the workforce. View in article, Kavita Kumar, “U.S. Establishing new talent models should facilitate flexible, self-organizing teams that come together for a common purpose. Banks that invested in digitizing their businesses over the last decade demonstrated higher agility and resilience in adapting to COVID-19-led changes than others.37. He is responsible for all industry services, solutions, resources, and ecosystem alliances across Deloitte’s business groups. New tools and technologies can certainly help. Banks have an opportunity to become purpose-driven global leaders. Every day's headlines bring new reminders that the future is on its way, and sometimes it feels like new risks and response strategies are around every corner. The significant global efforts to develop and deploy a coronavirus vaccine as soon as possible should help bring economies back on track, which may result in … The Paycheck Protection Program was important because it enabled many mid-size and small banks and credit unions to lend to small businesses overlooked or turned away by the bigger banks where those small businesses hold their deposit accounts. Looking ahead, as banks adapt to the economic realities of 2021, bank leaders will likely need to make some hard decisions on optimal talent models. This drastic contraction in the global economy has already meaningfully diminished loan growth and payment transaction volumes. View in article, Commodity Futures Trading Commission, Managing climate risk in the US financial system, September 2020. Explore Deloitte’s 2020 outlook on federal banking regulations and how the industry is responding to compliance in banking. But the focus for much of private banking’s customer base has shifted since the Covid-19 crisis hit the continent. People want options to be able to pay however they like, whether it’s with Zelle, Venmo, Apple Pay, or traditional methods like cash or card, and financial institutions need to be prepared to meet this demand. Bank rolls out new branch formats for digital age,” StarTribune, September 24, 2020. Enhancing data security and designing effective privacy management programs through a combination of programmatic and technology capabilities are also top priorities, according to the survey. However, it also poses significant challenges for banks, as it may disrupt their value chains. Fintechs in this category partner with corporations, HR software providers, and payroll systems to enable flexible access to earned wages. In this report, we offer perspectives on how these lessons can be applied to strengthen resilience and accelerate transformation in the following areas: digital customer engagement, talent, operations, technology, risk, finance, M&A, and sustainable finance. And of course, the pandemic has tested the cyber resilience of banks, as the virtual/distributed work model became the norm. WhiteSight defines four categories in the payroll fintech space: 1) Salary On-demand. Until the pandemic hit, almost everyone believed certain societal forces were here to stay, such as the sharing economy, urbanization, and globalization. The top 5 trends in banking and fintech for 2021 aren't about AI or digital transformation. And while digital lenders may want to diversify their funding sources, banks may look to acquire fintechs for their digital capabilities and to target new segments. 4) Crypto Payroll. To be most effective, these resilient leaders31 should be future-focused and empathetic. Hardly any, however, are planning to replace their core—too painful, slow, and expensive. In our 2021 banking and capital markets outlook, 200 industry leaders weighed in on their companies’ COVID-19 recovery efforts. As the COVID-19 pandemic slows some industries down to a crawl – and stops others in their tracks – many financial institutions are rushing to figure out the emerging risks in their credit portfolio. has been removed, An Article Titled 2021 banking and capital markets outlook already exists in Saved items. But they have also had to deal with the economic realities brought on by the pandemic, forcing some to reduce their workforce and reconfigure the compensation structure. As the COVID-19 pandemic slows some industries down to a crawl – and stops others in their tracks – many financial institutions are rushing to figure out the emerging risks in their credit portfolio. As the pandemic continues and uncertainties remain, bank leaders should continue to proactively recognize employee concerns, be sensitive to their personal/family needs, and prioritize physical and psychological health efforts that can also help maintain employee productivity. Overall, however, this is going to be the banking and fintech story for 2021: The disruption of the value chain. This is the newest category which enables firms to make wage payments through multiple crypto-currencies. They should be able to change the way work gets done by introducing self-service options, streamlining data flows and operations with automation, and restructuring for optimal service delivery. Ron Shevlin is the Managing Director of Fintech Research at Cornerstone Advisors. The analysis draws on a wide range of contributions, including from the Joint Supervisory Teams and the ECB’s horizontal microprudential and macroprudential functions. Sign up to watch. By Manish Chopra, global risk and analytics leader, Genpact COVID-19 has increased demand for financial support from banks to both businesses and individuals. Companies like Moov, Unit, and Synctera will enable banks to provide a range of services—e.g., ACH processing, transaction processing—to fintechs in a more modular way. Large payroll providers like ADP have been struggling for years to broaden their relationships with the consumers who receive paychecks from them. Many have proposed new frameworks with a broader set of expectations. View in article, J.D. Avoid Risks! LoB leaders should be empowered to determine where their energy and resources should be focused. The basic rationale for M&A may remain the same as in recent years, but pandemic economics have altered the catalysts and inhibitors. This can enable shifting of resources to the more difficult threats. Indeed, our respondents indicate spending on cloud will increase over the next year. Across the board, digital inertia has faded, and more banks are pursuing technology-driven transformation, especially to core systems. Activities at the beginning of the value chain—production, inventory management, payroll, etc.—and after payments in the value chain like invoicing, accounts receivable, etc., are often invisible to Amazon, Stripe, and Square. Cloud applications can help in this regard, enabling continuous planning with rolling and driver-based forecasting. Looking ahead, bank technology leaders should place bold bets on initiatives that could transform businesses, such as core systems modernization. Last, the finance organization should help manage climate risk. View in article, Andrea Willemse et al., Lessons learned during COVID-19: A banking study, Deloitte, August 14, 2020. The path is difficult—resources to develop partnerships are limited, integrating into the core is a massive job, and developing other approaches from scrap is time-consuming. There are also new risks emerging on the horizon, including those related to the rapid advancement of technology. Three-quarters of respondents said their institutions will increase investment in climate-related initiatives. Speaking of wellness, “year of financial health” is to banking what “year of the customer” is to marketing. In the near term, bank technology departments should bolster their technology infrastructures to offset stresses in the market today. Until now, cloud migration efforts were predominantly focused on cost reduction, modernizing the technology stack, and more recently, virtualizing the workforce. 2021 Financial services industry outlooks, Visit the Within reach? View in article, M. Ahmed, “It’s time to future-proof your workforce for the digital era: Citi's Joel Fastenberg,” Indeed People Matters, September 9, 2020. COVID-19 dominated headlines and … Client loyalty is a product born through sturdy relationships that start by comprehending the client and their expectations. View in article, IMF, World Economic Outlook, October 2019: Global manufacturing downturn, rising trade barriers, October 2019. Finally, banks’ future talent strategies should be agile and adaptable. Power finds,” April 30, 2020. Deciding how much change is needed, and what the role of technology is in this transformation, are important strategic questions to address. This may also result in bid-ask spreads becoming too wide, which could worsen if there is further economic deterioration. Furthermore, it soon became clear that banks could be facing sizable credit losses across their loan portfolios. It could be a precursor to what one might see more broadly in the future.27. COVID-19 has exacerbated income inequality and gender and racial disparities. 2020 saw three important developments in the battle for small business relationships: 1) PPP loans. As of Q2 2020, the top 100 US banks had provisioned US$103.4 billion, in contrast to US$62.5 billion for the top 100 European banks and US$68.8 billion for the top 100 banks in Asia-Pacific (figure 1). Shortage of skilled talent in the cyber risk area often remains another obstacle, especially for smaller institutions. For example, they have instituted more granular tracking of bank compliance with examination findings to address emerging problems in a timely manner, and they have incorporated more forward-looking elements into supervisory tools. Banks should also buttress risk sensing. View in article, Jonathan Walter, Measuring stakeholder capitalism: Towards common metrics and consistent reporting of sustainable value creation, World Economic Forum, September 2020. Leaders must recognize that technology deployment in remote settings can be a two-sided coin: videoconferencing fatigue on one side, the need for social contact on the other. Some banks, especially in developing economies, have been successful in addressing this challenge. Credit risk models may also need to be updated to factor in the effects of climate change on individual credits. Generally, these losses are smaller than during the GFC, when US banks recorded a loss ratio of 6.6% from 2008 to 2010.4. Financial health is going to take center stage in 2021 for a few reasons that have nothing to do with what the advocates talk about: The combination of these three factors will spur innovation in the fintech community to build financial health platforms. As the pandemic remains a key challenge in the short term, it may be tempting to wait until after the dust settles to make any M&A moves, but deferring action could leave slimmer pickings. Going forward, strengthening operational resilience will likely be a main challenge many banks face.34 While there’s no silver bullet, banks could reassess their global footprint and dependence on third parties, conduct more frequent simulation exercises, and improve information systems to respond quickly to future events. While banking seems to be changing, so does the purpose of banks. Moreover, as the finance function becomes more analytics-driven, new skills will likely be required in data science and coding. But important trends are afoot that suggest risk management will experience even more sweeping change in the next decade. And third, advanced technology is expected to be at the heart of everything banks do. Against this backdrop, the financial services sector is having to adapt rapidly and at scale to … new risks: a more complex supply chain, with more potential points of failure; and a lack of clarity about where responsibility lies. International Monetary Fund (IMF), World Economic Outlook, October 2020: A long and difficult ascent, October 2020. Institutions should also focus on workplace redesign to help strike the right balance between in-person work environments and remote arrangements, which should be based on the specific needs of various roles or jobs. For more details on the methodology see: Shilling, Shaw, and Berry, The path ahead. Low rates are expected to keep net interest margins (NIMs) suppressed, creating strong headwinds to banks’ interest income growth. View in article, Khalid Kark et al., The kinetic leader: Boldly reinventing the enterprise, Deloitte Insights, May 30, 2020. The finance function should also take on a more strategic role by actively establishing a two-way information exchange, empowering business units with real-time business insights46 and smarter scenario-planning tools.47. Are working in parallel, not as pessimistic empowered to act in developing economies, been! 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