Fireside Chat: Banking in a Volatile Economy - Building Resilient Foundations, Navigating Risks, and Setting up for Growth

The recent fireside chat titled "Banking in a Volatile Economy - Building Resilient Foundations, Navigating Risks, and setting up for growth” brought together industry experts to explore the evolving dynamics of banking in emerging markets. 

The panel, moderated by Simon Hyett, featured experts including Kiran Mistry, Head of Financial Services at SAP; Gaurav Bagga, Chief Financial Officer at Standard Chartered Bank; Kohei Ueda, Head of Digital Transformation and Global Transaction Banking Department at Mizuho Bank; and Rajeev Gupta, Chief Financial Officer at UNOasia Private Limited. They highlighted the pivotal role of technology and data in assessing and mitigating risks, enhancing operational efficiency, and distinguishing between digital and traditional banks. The importance of upskilling bank personnel to adapt to technological advancements was also emphasised.

Clear risk management emerged as a recurrent theme, with Gupta stressing its significance in preventing bank failures. Establishing a defined risk appetite and proactive risk management were considered vital. Bagga emphasised the need for a well-prepared playbook to swiftly respond to crises.

The discussion concluded with insights on building resilience, with Kohei-san emphasising the role of data in understanding customer needs and market trends. Mistry highlighted the importance of technology modernisation to better manage risks and enhance customer-centric approaches.

In summary, the fireside chat underscored the need for banks in emerging markets to strike a balance between risk management and revenue generation. This balance can be achieved through clear risk appetite, proactive risk management, data optimisation, and technology modernisation. Embracing technology and data-driven strategies is essential for navigating the complex landscape of emerging markets and ensuring long-term success in the banking industry.