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Deloitte: 2023 Banking and Capital Markets Outlook | ‘A new global economic order seems imminent’

Deloitte | Monica O'Reilly, Anna Celner, Deron Weston, Val Srinivas | Oct 17, 2022

Deloitte 2023 banking and capital markets outlook - Deloitte:  2023 Banking and Capital Markets Outlook | 'A new global economic order seems imminent'Key messages

  • The global economy is in a fragile and fractious state. While most banks are on sound footing, Russia’s invasion of Ukraine, ongoing supply chain and energy shocks, persistent inflation, and tightening monetary policy will be felt unevenly across the industry.
  • Meanwhile, escalation of geopolitical risks, deglobalization, and fracturing payments systems are pushing the world toward a new economic order.

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  • These forces will likely have implications for global money flows: how, where, and when capital and liquidity are demanded; and the ways every actor in the financial system interacts with one another.
  • To navigate through these uncharted waters, banks should reassess traditional product, service, and industry boundaries to create new sources of value. Such opportunities may exist in a number of areas, including embedded finance, tokenized assets, financial technology, digital identity, or green finance. Some banks have begun this journey, but many could fall behind.
  • The pandemic tested banking leaders’ conviction, and it is about to be tested again. Nonetheless, banks
    should not lose sight of their role as financial intermediaries in the new global economic order.

Retail banking: Envisioning new ways to serve and engage with customers

  • Retail banking customers are also expecting more from their banks. In particular, they are clamoring for a superior cross-channel experience and hands-on guidance during challenging times. These heightened demands will require banks to go beyond a product lens and create customer experiences that are data-driven, consistent across channels, and complete with personalized advice.

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  • In the long term, banks should develop inventive new applications for ESG, embedded finance, and digital assets. These efforts should prioritize empowering customers with initiatives targeting racial equity, decarbonization, and data security.

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NCFA Jan 2018 resize - Deloitte:  2023 Banking and Capital Markets Outlook | 'A new global economic order seems imminent'The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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