KPMG in Bermuda Release 2017 Report on Bermuda’s Banking Industry

2017 Report on Bermuda’s Banking Industry

KPMG in Bermuda have today released the results of the firm’s 2017 Bermuda Banking Survey as a part of Insights – KPMG’s annual banking in Bermuda magazine.

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KPMG in Bermuda have today released the results of the firm’s 2017 Bermuda Banking Survey as a part of Insights – KPMG’s annual banking in Bermuda magazine.

Now in its sixth year of publication, the 2017 edition of Insights explores the theme of customer centricity in banking and includes articles and roundtables by KPMG banking sector experts and industry professionals discussing the dichotomy between advancements made in technology to improve the customer experience, and the regulatory demands challenging it – although designed to protect them.

Craig Bridgewater, Head of Banking at KPMG in Bermuda, commented: "Bermuda’s regulatory environment has undergone quite a bit of change since we produced the first publication of Insights, and its impact on the customer was a dominant topic of discussion during this year’s roundtables. Customer experience remains of paramount importance, and investment in technology enablement has the potential to benefit the business, employees and customers.”

The report also includes an interview with the CEO of the Bermuda Monetary Authority, Jeremy Cox, on Bermuda’s system of financial stability, a roundtable discussion with the CEOs of Bermuda’s four banks, and KPMG’s traditional review of the banks’ audited financial statements.

The 2017 survey has shown that although Bermuda’s banking sector total assets decreased by 6% in 2016, the sector has remained stable, with the cost-to-income ratio, a key performance indicator for a bank’s productivity and efficiency, remaining in line with the five year average.

"It has been an eventful year for Bermuda’s banking sector,” said Mr. Bridgewater. “Butterfield listed on the NYSE; HSBC sold their private banking operations; BCB moved into its new premises; and Clarien received a significant capital injection.”

 

© 2017 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Coopertive (“KPMG International”), a Swiss entity. All rights reserved.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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