Major banks are facing challenges from a few directions related to the economy, competition and navigating the current geopolitical environment.

But there is also a rising interest rate environment which could allow them to go on the offence.

Rising interest rates, a highly regulated risk environment slower growth in capital-intensive services.

These are some of the signs why major banks need to pivot their focus more decisively toward the big future sources of value growth.

At Oliver Wyman, we help financial services players join the dots and understand the main shifts and trends that they face to help them extract value.

Although the major banks weathered the economic challenges of the pandemic and emerged stronger and more resilient, the industry is undergoing a dramatic shift in value across the landscape and its structure.

Our 2022 State of Financial Services Report warns incumbents are not moving fast enough or far enough.

They need to take some of the tailwinds that may be coming to invest in their capabilities and re-orient themselves to get more from their investments.

Incumbents can leverage their presence and their trust factor in proving those value services and lead the connected data transition.

It is a strategic opportunity for major banks to regain ground over the next decade.

I’m Ed Emanuel. The core question for incumbent leaders is how far are you prepared to go?