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Retail Banking 2020: New Zealand Banks’ Natural Advantage

Retail Banking 2020: New Zealand Banks’ Natural Advantage

We'd like to share with you our global PwC report Retail Banking 2020: Evolution or Revolution which reveals that more than half (55 per cent) of senior retail bank executives believe non-traditional new players are a threat while 31 per cent believe they present innovative partnership opportunities.

The findings are based on a survey of 560 financial services executives from leading institutions in 17 countries. It also incorporates insights from PwC's global network and its Project Blue work on the future of financial services.

According to the report, 54 per cent of executives believe big banks will retain their dominance in 2020 despite the rise of new players.

Asian Pacific and Emerging Market bankers are most likely (71 per cent and 79 per cent) to consider how global trends (economic growth, regulation, demographic growth and technological changes) will impact the industry in 2020 - compared with the US and Europe, 61 per cent and 67 per cent respectively.

PwC New Zealand Partner and Banking & Capital Markets Sector Leader Sam Shuttleworth says, "These global findings reinforce the point that our banks are continuing to head in the right direction.

"The New Zealand banks have reinforced their stability and soundness in the post GFC environment with controlled growth, which leaves them well placed relative to global counterparts in the years ahead.

"This reiterates some of the strategies the New Zealand banks have focused on for some time are in the right areas, such as invigorating the entire customer experience, be it through branches or digital channels and embracing innovation and technology to deliver better services and outcomes."


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