BUSINESS ARENA ANNOUNCES WINNERS OF THE 2023 FINANCIAL LEADERS' HALL OF FAME AWARDS
Taking a broader view of the industry, McKinsey & Company's Global Banking Annual Review 2023: The Great Banking Transition points out that profits are up in banking, "thanks to rising interest rates, but financial institutions globally need to reinvent themselves in the face of major structural and macroeconomic shifts."
The report also notes that the industry has had "to chart a challenging course over the past few years, during which institutions faced increased oversight, digital innovation, and new competitors, and all at a time when interest rates were at historic lows. The past few months have also brought their share of upsets, including liquidity woes and some bank failures. But, broadly speaking, a favorable wind seems to have returned to the industry’s sails. The past 18 months have been the best period for global banking overall since at least 2007, as rising interest rates have boosted profits in a more benign credit environment."
Looking ahead, the McKinsey report expects the future to be influenced by four global trends: "First, the macroeconomic environment has shifted substantially, with higher interest rates and inflation figures in many parts of the world, as well as a possible deceleration of Chinese economic growth. An unusually broad range of outcomes is suddenly possible, suggesting we may be on the cusp of a new macroeconomic era. Second, technological progress continues to accelerate, and customers are increasingly comfortable with and demanding about technology-driven experiences. In particular, the emergence of generative AI could be a game changer, lifting productivity by three to five percent and enabling a reduction in operating expenditures of between $200 billion and $300 billion, according to our estimates. Third, governments are broadening and deepening regulatory scrutiny of nontraditional financial institutions and intermediaries as the macroeconomic system comes under stress and new technologies, players, and risks emerge. For example, recently published proposals for a final Basel III “endgame” would result in higher capital requirements for large and medium-size banks, with differences across banks. And fourth, systemic risk is shifting in nature as rising geopolitical tensions increase volatility and spur restrictions on trade and investment in the real economy."
Congratulations to this year's winners!
LOAN BROKER SERVICES OF THE YEAR
KIWI FINANCE
Recognizing its strong contribution to Romania's lending market growth, with innovative, cutting-edge services and a customer oriented culture,
LEASING COMPANY OF THE YEAR
UNICREDIT LEASING IFN
The company has positioned itself at the forefront of the leasing market in Romania and has achieved a high level of recognition, providing innovative products and services in a highly competitive market segment.
MORTGAGE PRODUCT OF THE YEAR
LIBRA INTERNET BANK
Recognizing its strong customer oriented culture and outstanding contribution to the growth and development of the local lending market, with the mortgage loan for Romanian expats, an innovative, easy to access loan product for customers who want to buy properties in the country.
SUSTAINABLE FINANCE PROVIDER OF THE YEAR
RAIFFEISEN BANK ROMANIA
Recognizing its strategic commitment to sustainability and efforts to strengthen its role in facilitating transition towards a green and sustainable community.
BANKING INDUSTRY ADVOCAT OF THE YEAR
ROMANIAN ASSOCIATION OF BANKS (ARB)
For achieving a high level of recognition as the voice of the industry, while promoting its objectives and priorities in preserving the role of the banking system as the main source of financing for the local economy, ensuring the stability and credibility of the banking sector.
SME BANK OF THE YEAR
ALPHA BANK ROMANIA
Recognizing its successful expansion of SME business, providing customer-centered products and services while forging ahead with transformations in the area of digitalization and innovation in a highly competitive market segment.
DIGITAL TRANSFORMATION BANK OF THE YEAR
CEC BANK
Recognizing its outstanding digitalization journey and efforts to promote modern banking instruments in Romania, providing the best user experience with its CEC_IN virtual store, allowing customers to access banking products fully online..
CORPORATE BANK OF THE YEAR
UNICREDIT BANK
For achieving a high level of recognition and admiration for its outstanding support for private business and the local economy as a whole, providing innovative products and services in a highly competitive environment.
BANK OF THE YEAR
GARANTI BBVA ROMANIA
For achieving a high level of recognition and admiration for its overall success, profitability, innovative products and services in a highly competitive market segment, creating a superior customer experience by understanding and responding to customers' needs and expectations.
BANKER OF THE YEAR
OMER TETIK, CEO, BANCA TRANSILVANIA
For achieving a high level of recognition and admiration from the general business community for outstanding success and qualities of creative and highly effective leadership.
Coming back to Business Arena's Financial Leaders' Hall of Fame awards gala, the event was organized with the support of its partners Garanti BBVA Romania, CEC Bank, Exim Banca Romaneasca, Libra Internet Bank, Dr. Lorelei Nassar Implantology Clinic, Apulum Porcelain Factory, Crama de Piatra, Irena Events.
The event was moderated by Razvan Spiridon.
See Business Arena’s upcoming print edition for more details, photos and winner reactions.
See Business Arena’s upcoming print edition for more details, photos and winner reactions.
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