“Business transformation is accelerating. With only 26% of Financial Services CEOs expecting their companies to remain in their current roles for more than five years – change is largely bolstering sustainable development and growth across the industry. And that brings even more opportunities and threats to seize – now and onwards.”
“GenAI and agentic AI are reshaping operational and strategic models across the global financial sector. Over half of CEOs report efficiency gains, and one-third cite increased revenue and profitability from GenAI adoption. In Ukraine, the combination of Diia City’s regulatory framework and open-banking initiatives is catalysing AI-driven innovation. Ukrainian banks and fintech are already deploying AI - from chatbots and voice assistants for customer support to automated credit scoring, fraud prevention, personalized financial services, and advanced customer data analytics. As global adoption accelerates, Ukraine is not only keeping pace - it is positioning itself as the world’s first agentic state, where AI proactively powers public services and financial infrastructure.”
Recognising the importance of strategic choices (59%) and organisational efficiency (56%) for economic survival, FS CEOs are acting. The vast majority have undertaken at least one major initiative to transform how their companies create, deliver, and capture value over the past five years. These include:
Developing innovative products or services (39%)
Competing in the new sectors or industries in which it hadn't previously competed (38%)
Targeting new customer bases (34%)
Collaborating with other organisations (e.g., other companies, universities, or managed services providers) (30%)
However, with only 35% of FS CEOs reporting related returns exceeding 20%, these efforts haven't yet translated into significant business model changes. Incremental adjustments aren't enough; a stronger focus on reinvention – beyond mere market expansion or internal innovation – is essential.
Benchmarking these survey findings – which underscore the need for reinvention – against your company's current situation raises a critical question: How can you ensure future success, and where are you on the reinvention journey?
To address this, we suggest considering three key questions to help you assess and act:
1. Is your company embracing Generative AI (GenAI) or are trust issues holding you back?
New global research from PwC reveals that AI has the potential to boost global economic output by up to 15 percentage points over the next decade.
GenAI is already delivering results: One in three FS CEOs globally credit GenAI with boosting revenue and profitability, and 50% expect profits to climb even higher in the coming year.
To what extent did GenAI impact the following in your company in the last 12 months?
Yet only one in three trust the technology, highlighting the urgent need for responsible AI implementation.
The payoff is clear: more than half of Financial Services (FS) CEOs report that Generative AI (GenAI) has made their own work and their employees more efficient. However, trust is key to unlocking its full potential.
2. Do you view climate action as a boost to your bottom line, or as a budget buster?
Many financial companies are making climate-friendly investments, and many are seeing financial benefits: 15% reported reduced costs, and nearly a third of FS CEOs reported increased revenues.
To what extent have climate-friendly investments* initiated by your company in the last five years impacted the following areas?
* Examples of climate-friendly investments include transitioning to energy-efficient operations, developing greener products and services, and implementing emission-reducing technologies
At the same time, investors are pushing for change: nearly 70% believe companies should invest in sustainability, even if it impacts short-term profits, according to PwC Global Investor Survey. Moreover, over half of FS CEOs (58%) have their compensation tied to sustainability metrics, which tend to correlate with increased revenue from related investments.
Despite challenges – namely regulatory complexity (20%) and lack of external demand (23%) – companies are seeing benefits. 15% reported cost reductions, 17% received government incentives, and a third of FS CEOs reported increased revenues (31%).
So, sustainability doesn't always come at a cost – it can fuel growth.
3. Is your business doing enough to keep pace with evolving industry and customer demands?
Nearly 40% of Financial Services CEOs globally believe their companies won't survive another decade on their current trajectory. They are actively transforming their businesses, with 79% revising budgeting, 73% adjusting strategic planning, 72% reallocating capital, and 70% reallocating human resources. Furthermore, 38% of Financial Services CEOs reported their companies are venturing into new sectors, and 35% reported increased revenue from competing in those sectors.
However, only 6% of revenue over the past five years has been generated by entirely new business ventures, and 14% by extensions. This suggests that comprehensive reinvention is still in its early stages for most.
What proportion of your company’s revenue in the last five years came from each of the following sources? (showing mean values)
The path forward is evident: To thrive, companies must reinvent. This means leveraging GenAI, investing in climate-friendly initiatives, and capitalizing on opportunities in evolving industries.
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Comprehensive report CEO Survey
About the survey
We surveyed 4,701 CEOs in 109 countries and territories from 1 October through 8 November 2024, including 153 CEOs from Central and Eastern Europe. The global and regional figures in this report are weighted proportionally to individual country nominal GDP, so CEOs’ views are broadly representative across all major regions. The industry and country-level figures are based on unweighted data from the full sample of 4,701 CEOs. All quantitative interviews were conducted on a confidential basis.
