Water Cooler Talk

Global Banking Annual Review 2023: The Great Banking Transition

Banks face challenges from oversight, innovation, and competition. Financial institutions should reassess their business, identify competitive advantages, and plan for the future by focusing on scale, specialization, and diversification to generate return.

Jenn Day
Dec 6, 2023

Read the original full report from the McKinsey & Co. here.

Here is a brief summary of the article:

  • Banks have faced challenges due to increased oversight, digital innovation, and new competitors
  • The past 18 months have been the best period for global banking since at least 2007, with rising interest rates boosting profits
  • Financial institutions need to reassess their businesses and identify their competitive advantages
  • Scale, specialization, and diversification will be crucial
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