E&Y report outlines 5 forces driving change at banks; I pluck out 5 key things to watch in NZ banking this year

E&Y report outlines 5 forces driving change at banks; I pluck out 5 key things to watch in NZ banking this year

By Gareth Vaughan

Global auditing and financial services firm Ernst & Young has done what such entities like to do at this time of year; issue a chunky report on the outlook for the banking industry over the coming year.

Actually E&Y's report looks out a bit further than 12 months, given it carries the title Transforming banks, redefining banking: Global Banking Outlook 2014-15. In the report E&Y highlights "five unstoppable forces" that will drive banks to change over the next few years. These are regulation, the customer, technology, competition, and society. Overlaying all of these will be a "fluctuating and unpredictable economy," the firm says.

Drilling further into the report I've pulled out five things I reckon could have particular significance in New Zealand banking this year.

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