United Kingdom
KPMG Banking

Banking 

There is a growing sense of self-belief returning to the UK banking sector as positive signs for the future emerge from the debris of the financial crisis.

Banks must redefine themselves in the coming years to secure their long-term futures. This means embracing new cultures, transforming their delivery capabilities, and replacing outdated infrastructures with modern, flexible technologies that enable product innovation and growth.

 

Undoubtedly challenges still remain. Value-driven, ethical approaches must be embedded. Transparent and efficient transactions need to be prioritised to ensure that UK banks can compete in today’s increasingly fair and efficient markets. Greater focus must be placed on better outcomes for customers to earn their trust. Lastly, banks must revitalise their business models not only to cut costs and remove unnecessary complications, but also to unify their businesses and implement effective risk management and controls.

 

If banks are to improve the way they behave as a business, they will need to implement first class strategic transformation initiatives. Technology will play a key role in helping UK banks to survive during a period of vast innovation and digital disruption. Robust central information systems and effective data management will underpin their success, however this will require significant investment.

 

The road ahead for UK banks is challenging, but the power of positive thinking should not be underestimated. At KPMG we believe the future is ripe for the taking and we can provide the forward-thinking insights and expert advice to help you navigate the path to long-term banking success.

 

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Richard McCarthy

Richard McCarthy

Head of Banking

KPMG in the UK

020 7694 2785

Email Richard