The global economic recovery apace, banks are working to recalibrate their operations to new methods of working, evolving regulatory policies and some lasting effects of the pandemic on global trade. Banks in Jordan were on the front line of implementing financial support measures instigated by the government and the Central Bank of Jordan (CBJ). As support measures come to an end, expectations of the banking industry will remain high—both for its continued success and its integral role in promoting economic growth.
In this report, our financial services team explores a range of topics of critical importance to the banking industry. For their continued success in the new working reality and as they face new forms of competition, banks must continue to modernize their operating strategies. This must happen alongside a commitment to environment, social and corporate governance (ESG) programs, which is becoming more and more important to customers and other stakeholders.
Regulators in Jordan and globally have never been more critical to economic success than over the last two years. On the other side of the coin, banks face some compliance uncertainty amidst an unprecedented year for their accounting and governance, risk and compliance (GRC) functions. They would be best served by embracing technology in these areas.
Incorporating the lessons of the last two years into their resilience strategies will lead to positive changes within banks.
The fintech industry is chipping away at the traditional banking sector’s market share. Banks need to respond innovatively, but not defensively, as they will be most successful by collaborating with and learning from their nimble new competitors.
Operational resilience was one of the keys to adapting quickly to pandemic-related challenges. Incorporating the lessons of the last two years into their resilience strategies will lead to positive changes within banks. The same can be said for cybersecurity.
I hope you find this publication a thought-provoking read. Our Financial Services team would be delighted to discuss with you the views outlined within it and explore how we could assist your organization in capitalizing on potential opportunities.