Navigating in choppy waters
Banks are facing competitive, economic, and geopolitical obstacles. Even so, there is optimism among senior executives at the largest U.S. banks about the future.
The 2022 KPMG State of Banking Survey features insights from 100 senior executives – many representing some of the largest banks in the industry with nearly 40 percent having assets totaling $100 billion or more.
Credit risk is the number one threat to growth over the next three years.
60% are investing to develop digital and fintech capabilities
85% are offering or planning to offer digital wallets.
53% say failing to have a presence in the metaverse will result in significant market share loss.
81% of respondents think cybersecurity threats will increase as digital banking increases.
31% say M&A is one of their organizations top 5 priorities.
45% say banks lack the tech solutions to achieve climate ambitions.
61% say the Great Resignation is a significant concern.
56% say they are increasing their budget to expand tax department’s capabilities due to domestic and global tax reform