Wednesday 17 January 2018

Global turmoil and currency volatility top fears for banks

Ronan Doyle, PwC Ireland.
Ronan Doyle, PwC Ireland.
Colm Kelpie

Colm Kelpie

Banking and capital markets CEOs see over-regulation, exchange range volatility and political uncertainty as the biggest risks facing the industry, a global survey has found.

The survey of 176 banking and capital markets chiefs across 62 countries by PwC highlights the challenges facing the sector.

They include the risks posed to the global economy, poor business performance, heightened risks in the cyber area and ongoing regulatory burdens.

More than 66pc plan further cost-cutting initiatives over the next 12 months, while more than 10pc say they plan to sell a majority interest in a business or exit a significant market over the next year.

Nearly three-quarters of those who were surveyed view the limited availability of key skills as a threat to growth.

Ronan Doyle, PwC Ireland's banking leader, said technology can help deal with this.

"New technology development should help those banks who embrace the technology to foster a more engaged relationship with customer," he said.

"It will also cause radical changes to operational processes.

"Some banks are already acting fast on this while others, seem barely to have started.

"Executing on this successfully should be front of mind for all banking CEOs."

Irish Independent

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