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      • Two-thirds of banking CEOs are confident in the growth prospects of the banking and capital markets industry over the next three years.
      • 81 percent report generative AI (Gen AI) as a top investment priority for their organization.
      • Talent remains a key concern in driving technology-enabled business transformation.
      • 81 percent reported cybercrime/cyber security as the top factor likely to have a negative impact on organizational growth over the next three years.
      • 58 percent anticipate receiving a significant rate of return on their ESG investments within three to five years.

      Bangkok, 9 January 2025 – CEOs in the banking sector are confident about their company’s growth potential and are betting on large investments in emerging technology, a survey of 120 sector leaders from across the world finds.

      The KPMG CEO Outlook, now in its tenth year globally, revealed that 66 percent of banking CEOs are confident in the growth prospects of the banking and capital markets industry over the next three years. Eighty-one percent report Gen AI as a top investment priority for their organization, despite ongoing economic uncertainty, as they see the emerging technology as a key component in business transformation.

      However, talent and cyber security remain key concerns for industry leaders as the industry attempts to attract and retain professionals with the skills required to support technology-enabled transformation. This concern is exacerbated against a backdrop of an uncertain geopolitical and macroeconomic environment. Eighty-one percent reported cybercrime/cyber security as the top factor likely to have a negative impact on organizational growth over the next three years.

      Sustainability also remains high on the agenda as CEOs continue to view ESG as an important driver of growth that will shape banks’ behaviors and investments. Fifty-eight percent of respondents anticipate receiving a significant rate of return on their ESG investments within three to five years.

      It’s reassuring to see confidence from industry leaders in the outlook of the global banking sector, as well as their willingness to develop and adopt emerging technology. CEOs appear very focused on accelerating their digital transformation projects to support their anticipated growth. Yet, as with many other sectors, the skills gap required in achieving full business transformation potential is evident. Banks are having to compete for new skills and capabilities in what is currently a challenging marketplace. CEOs who set bold strategies to attract and retain talent and make their plans a reality, can deliver sustainable, long-term growth.

      Francisco Uria

      Global Head of Banking and Capital Markets

      KPMG International

      Anson Bailey, Head of Consumer & Retail, KPMG Asia Pacific
      While economic headwinds in Thailand may impact growth of the Thai banking sector in the short term, there are reasons to be optimistic in the longer-term outlook - with opportunities to leverage strong balance sheets for further regional expansion, growth in demand for wealth management services as the ageing society shifts customer behaviors towards longer-term financial planning, lending to underbanked SME and Consumer segments utilizing more advanced underwriting capabilities with alternative data sources, not to mention financing the “green transition”. In terms of risk agenda, we continue to see significant investment in customer-centric digital transformation through enhancement of core banking platform and data capabilities. This is increasingly being recognized by banks’ customers, with our 2024 Customer Experience Excellence survey featuring banks heavily at the top. An effective AI strategy is key to continued success here, but with a “human-first” approach to ensure the future workforce is shaped and developed in a way that compliments the significant investments required. There are risk implications here and a related priority is continued investment in cyber transformation in areas such as identity access management to ensure banks continue to be trusted.

      Christopher Saunders

      Partner, Head of Consulting

      KPMG in Thailand

      Anson Bailey, Head of Consumer & Retail, KPMG Asia Pacific

      KPMG 2024 Banking CEO Outlook

      This year’s KPMG 2024 Banking CEO Outlook examines how today’s business leaders within the sector are facing multifaceted and relentless challenges
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      About KPMG International

      KPMG is a global organization of independent professional services firms providing Audit, Tax, and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

      KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

      KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

      For more details about our structure, please visit kpmg.com/governance.

      About KPMG in Thailand

      KPMG in Thailand, with more than 2,000 professionals offering Audit and Assurance, Legal, Tax, Consulting and Deal Advisory services, is a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

      For media queries, please contact:

      Nichakorn Phathanathavorn
      E: nichakorn2@kpmg.co.th