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Globally, banks are under intense pressure post the financial crisis. Tougher regulations, advancement in technologies, optimizing branch networks, rising rents, evolving co-working practices and outsourcing etc. are some of the major issues facing banks today. Several global banks have streamlined operations in Asia. Ironically, the story is exactly opposite in the case of regional banks, which are growing steadily in emerging markets. These trends have a wider impact on corporate real estate as the banking sector struggles to adapt to this changing environment.
Cushman & Wakefield is pleased to present “Winds of Change”, our BFSI sector outlook covering various topics that are relevant to occupiers. This our inaugural issue, with some key observations as noted below:
- Shrinking profits due to revenue pressure and stringent regulations inducing cost containment measures among global banks, while regional banks still expanding
- An estimated 30% of banking headcount is vulnerable to automation over the next decade
- Retail branches to flourish in emerging markets; muted in financial hubs
- High rents and limited options in core locations have pushed the search for alternate locations
- Annual cost savings of US$2000-3500 per employee by adopting a co-working model in financial centers
- Tech and outsourcing to create more than 100 million square feet of office demand in five years, with the financial sector accounting for 30-40%
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