New Delhi, Oct. 26 -- After the peak of the past few years, the banking sector may experience a reversion to the mean, with slower growth and mounting pressure on profitability, a Mckinsey & Company report said.
McKinsey's Global Banking Annual Review 2025 highlights the need for a strategy change in the banking sector to catch up with the growth. Banks need to shift from traditional, time-worn approaches to precision strategies.
The McKinsey & Company report said that the long-term pressures on the banking sector are clear and existing strategies followed by banks aren't succeeding. Banks spend about USD 600 billion a year on technology but productivity remains low.
But to thrive in this era, banks need new modern solutions as macro-foc...