Mentions of digitalization within the filings of companies in the private banking industry were 306% higher between April 2021 and March 2022 than in 2016, according to the latest analysis of data from GlobalData.
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When private banking companies publish annual and quarterly reports, ESG reports and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. Digitalization is one of these topics - companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.
To assess whether digitalization is featuring more in the summaries and strategies of private banking companies, two measures were calculated. Firstly, we looked at the percentage of companies which have mentioned digitalization at least once in filings during the past twelve months - this was 84% compared to 57% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to digitalization.
Of the 10 biggest employers in the private banking industry, SBI was the company which referred to digitalization the most between April 2021 and March 2022. GlobalData identified 141 digitalization-related sentences in the India-based company's filings - 2.2% of all sentences. Sberbank mentioned digitalization the second most - the issue was referred to in 1.6% of sentences in the company's filings. Other top employers with high digitalization mentions included ABC, CCBC and ICBC.
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By GlobalDataAcross all private banking companies the filing published in the first quarter of 2022 which exhibited the greatest focus on digitalization came from Banco Santander. Of the document's 1,070 sentences, 64 (6%) referred to digitalization.
This analysis provides an approximate indication of which companies are focusing on digitalization and how important the issue is considered within the private banking industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning digitalization more regularly is not necessarily proof that they are utilising new techniques or prioritising the issue, nor does it indicate whether the company's ventures into digitalization have been successes or failures.
In the last quarter, private banking companies based in Eastern Europe were most likely to mention digitalization with 1.56% of sentences in company filings referring to the issue. In contrast, companies with their headquarters in the United States mentioned digitalization in just 0.23% of sentences.
