“I see an incredible future for banking. I see this as a discontinuity, a point in time that we’re going to recognize, looking back, as the moment when everything changed fundamentally. It’s going to be a different world going forward.”
— MICHAEL ABBOTT, Senior Managing Director – Global Banking Lead
History is rich with watershed moments, most of which are only obvious in hindsight. For banking, however, the pandemic is a demarcation point that is apparent in real time.
Banks in 2021 abandoned the reactive posture they had assumed in the wake of the Great Recession. They became proactive and started to question many long-held assumptions. They discovered they could transform far more quickly and radically than they’d supposed.
They are also shifting the focus of their digital innovation from enhancement to invention. The signs of this are all around us, as banks abandon yesterday’s mindsets to reimagine banking from a blank slate.
Michael Abbott, our head of global banking, has been closely studying the forces that have made the pandemic a watershed. These are the 10 trends he sees poised to shape the banking industry in 2022.