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Future Banking Summer 2022
Editorial Editor Andrea Valentino Sub-editor Tallha Abdulrazaq Production manager Dave Stanford Group art director Henrik Williams Head of content Jake Sharp
Commercial Client services executive Derek Deschamps Publication manager Sanjeev Dole
sanjeev.dole@
progressivemediainternational.com Co-publisher Christopher Watts Managing director William Crocker
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rom Kyiv to the Donbas to the nightmare at Mariupol, the misery in Ukraine has been impossible to ignore. But while our main focus must obviously be the human cost of Putin’s invasion, it is also clear the war represents a more fundamental rupture across the global economy. That is true in energy, microchips, agriculture – and banking. Within days of the invasion, financial institutions were faced with a new reality: one where sanctions ruled supreme, where divestment was the order of the day and where uncertainty stalked stock markets from London to Frankfurt. No wonder the share prices of Lloyds and NatWest slumped by over 10% within days of Putin’s attack. With over $100bn of Russian debt in foreign banks, the blowback was always going to be immense. Nor is the war in Ukraine the only problem currently facing international finance.
With inflation slapping consumers across the face – and fraudsters proving ever more ambitious – executives arguably have even more on their collective platter than they did at the height of the pandemic.
And that is before you even consider the more distant threats stalking boardrooms. According to a recent survey by IDC, 75% of IT executives now think technology is changing faster than it can be managed by an organisation. Almost a tenth higher than in 2020, this speaks to a future where the stars of traditional banks are being snuffed out by soaring challengers. In the UK alone, to give one example, the market share of traditional high street banks has lately been cut by 4%. Between all this and the ever-present spectre of ESG, you might wonder how executives can cope. This edition of Future Banking tries to find out. To take the immediate crisis first, we examine how Massimo Proverbio and his team at Intesa Sanpaolo used the experiences of Covid-19 to take decisive action when Putin’s tanks rolled west.
On fraud, we explore how European banks are partnering with law enforcement to catch criminals red-handed. When it comes to ESG, meanwhile, we learn how banks can make the planet a little cleaner through energy-efficient mortgages. Not that all our stories are reactive. On the contrary, from IT in customer service to the fight for gender equality, it is obvious that enveloping crises can also be opportunities. That is just as true at the highest levels. Even as he is fighting fires in Ukraine, Proverbio is using new technology to bolster his bank’s digital footing. Even as he is scrambling to stay compliant in a wildly complex regulatory climate, David Lian, global head of financial regulatory reporting at Standard Chartered, tells us how his bank exploits mountains of data to make complex processes simpler. It goes without saying that what all this means for the long term remains obscure. But amid the upheavals, banking’s tomorrow does perhaps seem brighter. Not that the people of Ukraine necessarily know – nor should they necessarily care.
Andrea Valentino, editor
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