The global banking system, once a beacon of stability and trust, is now on the brink of chaos. Recent years have brought many challenges that could drastically alter the financial world. The banking sector is dealing with unprecedented threats, from economic uncertainties to regulatory changes, technological disruptions, and market volatility.
The global economy has been very unstable, and banks are facing serious challenges. 2020 dealt a severe blow to financial institutions worldwide, revealing vulnerabilities and worsening existing issues. As economies fell, banks had to deal with a sharp increase in loan defaults and a significant decrease in consumer spending.
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