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Over the next several years, there is major turbulence in the offing for the global banking system, experts warn. The economic slowdown and low interest rate environment can wipe out up to a quarter of banks’ earnings. Additional risks are coming from tougher regulation, rapid rise of technologies, and geopolitical uncertainties. To weather those, banks will need transformations previously unheard of.
Greater transparency of the financial system and overall stronger oversight have been the key trends lately.
This is part of a major action plan initiated by the OECD back in 2014 as a way to fight tax base erosion and profit shifting. Information exchange and the deoffshorisation drive are already reshaping the structure and geography of financial flows.
Thomson Reuters experts say that 2017 will mark the beginning of a new era in financial regulation. Donald Trump’s presidency and Brexit will also be among factors at play. In revising financial oversight, authorities will be focusing on government interests, withdrawing from the areas that are not aligned with those.
The latest technologies are also a challenge for global banking, with some of the players not ready for this swift transition, especially when it comes to emerging markets.
Despite the new technologies and regulatory efforts, shadow banking still accounts for a sizeable share of the total market.
To effectively fight those threats, banks worldwide will have to initiate transformations on an unprecedented scale, experts warn. National regulators are also facing the new reality.