OREANDA-NEWS. The global banking industry has entered the last phase of the next economic cycle, credit and revenue growth are slowing, and more than 60% of the world's banks are losing their value, says McKinsey, the latest pit stop? Time for bold steps”.

“This is probably the last pit stop in this cycle for banks to quickly rethink their business models. Inventive are likely to become leaders in the next cycle. Others risk remaining footnotes in the fields of history”, the report said.

Experts also note that 35% of all banks in the world experience problems from imperfect business models, lack of capital and work in unfavorable markets. According to McKinsey experts, in the event of a transformation failure, perhaps the only survival option for them will be selling to a stronger competitor. In this regard, McKinsey urges banks to urgently act in two directions: to develop new technologies, which will increase business profitability, as well as plan large mergers to increase capital reserves.