Predictions Report

Predictions 2022: Banking

Banks Will Double Down On Innovation To Make The Most Of The Recovering Market

November 1st, 2021
Aurelie L'Hostis, Principal Analyst
Aurelie L'Hostis Principal Analyst
Meng Liu, Senior Analyst
Meng Liu Senior Analyst
Zhi-Ying Barry, Principal Analyst
Zhi-Ying Barry Principal Analyst
Jacob Morgan, null
Jacob Morgan
With contributors:
Oliwia Berdak , David Hoffman , Peter Wannemacher , Martha Bennett , Carine Lam , Sam Bartlett

Summary

The banking sector has largely weathered the pandemic crisis. While revenues remain squeezed by low interest rates and sluggish loan growth, this will change on the back of rising consumer spending and inflation. In 2022, to make the most of the recovering market, banks will shift gears, ramping up their spending on technology, talent, and fintech. Keen to maintain the digital momentum gained during the pandemic and to fend off competition, banking executives will pursue innovation by launching new digital and sustainable products, unlocking the potential of open finance, evolving their business models, and experimenting with digital currency initiatives.

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