Australia's banking system is highly regarded for its robust regulation and supervision, which has underpinned our strong performance during and since the GFC.
Australia's banking system is highly regarded for its robust regulation and supervision, which has underpinned our strong performance during and since the GFC. But the sector faces challenges on many fronts including complex regulatory reforms, a slowdown in revenue growth, increasing cost of funding, and vulnerability to volatile markets.
At the same time, there are opportunities through greater cost efficiencies, superior customer service, smarter distribution channels, new domestic and offshore markets, and strong IT systems and social media engagement, to name a few.
Our Banking & Capital Markets team works across the sector in Australia and globally. Our clients include iconic Australian banks, non-bank lenders including credit unions and building societies, foreign and regional banks, stockbrokers and leasing companies. We advise across the range of services from assurance and risk strategies to tax and consulting.
PwC's clients have access to the full range of our local and global financial services expertise and resources, an offering that has become increasingly important as the interplay of domestic and global markets presents new challenges.
We focus on adding value to individual clients and the banking industry through insights gained from our deep knowledge of Australian and international markets, our technical competencies, our approach to collaboration and long term relationships, and our willingness to challenge the status quo to explore new approaches.
Australian banks have identified regulation as a greater risk than the macro-economic environment, according to the latest Banking Banana Skins report, putting them at odds with their global counterparts.
Disruption and opportunity: Banking and Capital Markets CEOs believe that technology is the trend most likely to transform the expectations of customers, regulators and other key stakeholders over the next five years. 81% see the pace of technological change as a threat to growth, more than any other sector in the survey.