WEF Davos: Bank CEOs discuss Fintech and the Global Economy


  • Global banking CEOs met at the World Economic Forum in Davos to discuss the challenges posed by fintech firms and neobanks, burdensome regulations, and the global economic climate
  • Concerns were raised about the competition faced by traditional banks from neobanks and fintechs, particularly in key markets like the US and Europe
  • Regulations, including proposed increases in capital requirements, are causing uncertainty among banking executives
  • The global economic landscape remains uncertain, with potential volatility in forex rates and political unrest

The World Economic Forum (WEF) in Davos, Switzerland, brought together global banking CEOs to discuss the growing competition from fintech firms and neobanks, the challenges posed by regulations, and the global economic climate. The session was attended by CEOs such as JPMorgan Chase’s Jamie Dimon, Manulife’s Roy Gori, and Barclays CEO C.S. Venkatakrishnan. The rise of neobanks and fintechs is a significant concern for traditional banks, as they are taking away market share in key geographies, including the US and Europe. Banks are facing the need to digitize across their value chains in order to remain competitive.

Regulations are also causing headaches for banking executives. Proposed increases in capital requirements by the US Federal Reserve have raised concerns about the impact on the economy. The banks argue that increased capital reserves impede their ability to be competitive and restrict their lending capabilities. In addition to regulatory challenges, the global economic landscape remains uncertain, with potential volatility in forex rates and geopolitical changes. The upcoming elections in the US and European Union could have implications for political alliances and global trade, adding to the uncertainty.

Overall, the discussions at the WEF highlighted the need for traditional banks to adapt to the changing landscape and embrace digital transformation. They must find ways to compete with neobanks and fintechs while navigating regulatory challenges and economic uncertainty.