GLOBAL TRENDS IN RETAIL BANKING UNDER CONDITIONS OF ECONOMIC UNCERTAINTY AND DIGITAL TRANSFORMATION
The global economy is in a fragile and fractured state. While most banks are on a steady footing, military conflicts, ongoing supply chain and energy turmoil, persistent inflation and tightening monetary policy will be felt unevenly across the industry. Meanwhile, escalating geopolitical risks, de-globalization, and disintegration of payment systems are pushing the world toward a new economic order. These forces are likely to affect global money flows: how, where and when capital and liquidity are required, and how each player in the financial system interacts with one another. To get past these risks, banks must redefine traditional product, service, and industry boundaries to create new sources of value. Such opportunities may exist in a number of areas, including embedded finance, tokenized assets, financial technology, digital identity or green finance. Some banks have already begun this journey. This article aims to summarize trends in retail banking in today's volatile and digitally transformed.