I guess this week must be the week where I’ve found a lot of useful free research, as here’s another one. This time from Genpact, “a global professional services firm delivering digital transformation”.
Some interesting stats in this report:
- In 2018, the world’s largest 1,000 banks held 12% more tier-1 capital than in 2017, the biggest annual increase since 2009.
- 10-15% of a banks' workforce are checking the rest of the workforce.
- The industry spends $270 billion a year on compliance.
- From 2008-2018, fines totalling $26 billion were imposed globally for non-compliance with anti-money laundering, know-your-customer,
and sanctions regulations.
- A quarter of senior executives say their companies plan to fundamentally reimagine their businesses with AI by the end of 2021 (compared to 14% in 2017).
- By 2022, it is expected that 57.5 million U.S. millennials will be digital banking users, accounting for more than three quarters of the millennial population.
- Two-thirds of Americans aged between 18 and 29 don't own a credit card.
- Over 80% of U.S. consumer spending in 2017 was cashless.
- 76% of global respondents believe “the economy of my country is rigged to the advantage of the rich and powerful”
It then concludes with five key action points:
- Move data into the core of your organization
- Collaborate seamlessly
- Harness foresight to spot risks and opportunities
- Nurture a purpose-driven workforce
- Embed AI and combine its insights with the context and knowledge from your workforce
I wholeheartedly agree – you would be surprised if I didn’t – and, if you want to know more, join me on the Genpact dialogue on July 21 to talk about it. Meantime, if you don't like reading reports and would rather watch what it's all about, here's Mark Sullivan from Genpact presenting the first version of the report at last year's Finovate Fall in New York (remember those days of going to a conference and leaving the house?).
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...