2022 State of Banking Survey

Insights from leading bank executives on what the future holds

Bank executives are focused on addressing a multitude of risks and challenges—such as credit risk and inflation—while also investing in digital strategies and offerings that will include the metaverse.

The 2022 KPMG State of Banking Survey features insights from 100 senior executives - many representing some of the largest banks in the industry with nearly 40 percent having assets totaling $100 billion or more.


What are the challenges and opportunities facing the industry?

Economic and industry outlook

87% are confident in the long-term growth prospects in the U.S., but 77% expect a recession in the next 12 months with inflation being top of mind.

87% are confident in the long-term growth prospects in the U.S., but 77% expect a recession in the next 12 months with inflation being top of mind.

Threats to growth

Credit risk is the number one threat to growth over the next three years.

Credit risk is the number one threat to growth over the next three years.

Cyber risks

81% of respondents think cybersecurity threats will increase as digital banking increases. Are banks prepared?

81% of respondents think cybersecurity threats will increase as digital banking increases. Are banks prepared?

Digital investment vs. brick and mortar

60% are investing to develop digital and fintech capabilities. Are they losing market share to non-traditional service providers?

60% are investing to develop digital and fintech capabilities. Are they losing market share to non-traditional service providers?

Metaverse

53% say failing to have a presence in the metaverse will result in significant market share loss.

53% say failing to have a presence in the metaverse will result in significant market share loss.

M&A

Will M&A continue to grow? 31% say its one of their organizations top 5 priorities.

Will M&A continue to grow? 31% say its one of their organizations top 5 priorities.

ESG

Are banks ready to achieve their net zero or similar climate goals? 45% say not yet.

Are banks ready to achieve their net zero or similar climate goals? 45% say not yet.

Talent

Banks haven’t been spared from the great resignation. 61% say it’s a significant concern.

Banks haven’t been spared from the great resignation. 61% say it’s a significant concern.

Banking executives are proactively tackling various risks and threats to their banks’ growth – including credit and increased cyber risk –while investing for the future. Banks with a customer-first mindset and digital-now strategy will be best positioned to succeed amid the ongoing economic uncertainty.
Peter Torrente, National Sector Leader, Banking and Capital Markets

Contact us

Peter Torrente

Peter Torrente

National Sector Leader, Banking & Capital Markets, KPMG US

+1 212-872-5815