ING – Bank Outlook, 2026

This report provides an annual outlook for the banking industry in 2026, focusing on the rapid expansion of Non-Bank Financial Intermediaries (NBFIs) and the risks they pose to traditional banks.

It highlights the growing size and complexity of NBFIs, the structural vulnerabilities they introduce, and the impact of regulatory changes such as the EU's securitisation overhaul. Luxembourg is noted as the EU member state with the highest share of bank funding from NBFIs. The report also covers key ESG themes and outlooks for bank bond and ESG supply.