KPMG Bermuda today released its 2023 Banking CEO Outlook, a comprehensive review of global banking trends that will shape the industry in the coming years. The report, produced by KPMG International’s Banking Practice, draws on data from 1,200 banking executives worldwide and offers insights into how technology, regulation and sustainability are reshaping the sector.

According to the findings, digital transformation remains the top priority for banks, with 78 % of CEOs citing investment in cloud, AI and open‑banking platforms as essential. Environmental, social and governance (ESG) considerations also climbed the agenda, as 64 % of respondents say they are integrating ESG metrics into risk, capital and product development. Regulatory pressures, particularly around anti‑money‑laundering compliance and capital adequacy, are expected to grow, prompting banks to adopt more robust data‑analytics frameworks.

For Bermuda, the outlook signals both opportunities and challenges. The island’s well‑established insurance‑linked and fintech communities stand to benefit from increased digital adoption, yet local banks will need to accelerate technology upgrades and ESG reporting to remain competitive. The Bermuda Monetary Authority has already announced plans to enhance its regulatory sandbox, aiming to test innovative solutions without compromising the jurisdiction’s reputation for prudence.

KPMG Bermuda’s team will continue to advise banks in the region on implementing the report’s recommendations, ensuring that Bermuda’s financial services remain resilient and forward‑looking as the global banking landscape evolves.