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Future Banking Winter 2022
Editorial Editor Andrea Valentino Sub-editor Liam Murphy Production manager Dave Stanford Designer Martin Faulkner 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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or a few days in late September, the end felt so close. As the mini budget vanished through the cracks of its own contradictions and the pound slumped even as gilt yields rose, the British economy finally looked as if it would sputter and die. Even the normally-laconic Bank of England appeared worried, its governor warning of a “material risk” to the country’s financial stability. Though the situation was eventually stabilised – thanks both to the ruthlessness of Tory MPs and a £65bn cash injection from officials – it’s hard to disagree. From soaring interest rates to stagnant wages, it’s obvious that the country’s economy has never really recovered from the earthquake of 2007 and indeed may suffer from problems that can be tracked decades into the past. It goes without saying, moreover, that all this turmoil is negatively affecting the UK banking sector. With punters struggling to afford a deposit, let alone a mortgage, banks are being forced to brace themselves for a spate of defaults. No wonder NatWest recently announced it was spending £2m to hire more debt advisers, even as Santander is setting aside more funds to cope with bankruptcies. Not, of course, that the titans of the City are alone here, with the grim economic forecast causing problems across Europe. In Italy, for instance, local banks are currently dealing with yet another government debt crisis. In Spain, the sector has been forced to grapple with a possible emergency windfall tax, brought on in large part by the wider economic malaise. If you then add the longer-term challenges facing European finance – competition from neobanks, the pressures of climate change, the challenge of new technology – and it’s surprising operators have time to even catch their breath. As so often, however, necessity is the mother of invention. Battered by change they may be, but more often than not, executives are surprisingly adept at tightening their ties, doing up their laces and finding ways to thrive. That, if nothing else, is what this edition of Future Banking hopes to celebrate. One example comes courtesy of BNP Paribas CIB, which as Abi Millar explains, is using innovative technology to keep its servers both cool and environmentally sustainable. Another involves Dutch giant ING, which as Tal Abdulrazaq explores, is using the blockchain to make payments safer and faster. Combined with the hard work being done to abide by anti- Russian sanctions, and that starting to happen around sustainable lending, it appears clear that, whatever the hard times ahead, European banking is preparing to face them head-on. Let’s just hope the continent’s governments have the same courage too.
Andrea Valentino, editor
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