Banks, big and small, are at a critical juncture. They have a newfound conviction from surmounting a multitude of pandemic-related challenges. But the window for decisive action is closing soon. Banks are at a make-or-break moment. The pandemic was the ultimate gut punch, testing banks’ resilience in unforeseen ways. Yet, they are emerging stronger. And they now have a newfound conviction: They can overcome almost any challenge that comes their way. But how can they channel this new energy to scale greater heights?
Widespread vaccine deployment in 2021 was an important catalyst that helped build confidence in people and businesses alike. But the battle with COVID-19 is far from over, and a certain degree of uncertainty persists. Was the insurance industry worried heading into 2022? Not really. Our research found that insurers in general expect more rapid growth next year, although challenges around regulation, talent, sustainability, and evolving consumer preferences may present speed bumps. A lot will depend on how insurers handle these challenges and prioritize what needs to be done. Flexible work models, balancing emerging technology with the need to provide a human touch, and bolstering stakeholders’ trust are important areas to consider focusing on.
The investment management industry fared well in 2021, despite pandemic-driven market volatility. While the overall outlook looks promising for 2022, uncertainty remains. There’s a host of other factors that will likely continue to test investment management leaders as they strategize for the future and plan credible, tactical steps to deliver on their mission statements. Success in 2022 will likely be driven by investment management firms’ ability to create a virtuous cycle of their leadership’s vision, strong talent models, operational improvements, alignment with stakeholder expectations, employee resilience, and strengthening culture.
As we turned the corner on 2021, hopes that we would be doing the same on COVID-19 stalled. The near-term outlook is cloudy, as facilities of all types continue to adapt as requirements lift and shift. The CRE industry is positioned at the forefront of the recovery: office employers are balancing productivity and safety; retailers are facing critical turning points in an evolving industry; and the residential subsector is competing for tenancy amid shifting migration patterns and heightened affordability concerns. Meanwhile, companies face increasing demands to prioritize environmental, social, and governance (ESG) issues, aging technology infrastructures, a tightening labour market, and increasingly differentiated competition. How the CRE industry proceeds in 2022 could set the foundation for its success over the next several years.
