Elements for successful growth in financial services
Poised for opportunities
A turbulent and defensive period, financial services companies are starting to refocus on growth.
In order to grow, firms will need to find the right balance of four elements: Getting fit, managing, controlling and staffing for growth.
This survey of 200 global financial services executives revealed that after a difficult period, financial services companies are starting to refocus on growth. Firms will need to find the right balance of four elements: getting fit, managing, controlling and staffing in order to see growth.
Banks, securities firms, insurance companies, and investment managers around the world have spent much time over the last few years protecting their businesses from the shockwaves of economic crisis.
Many of these companies put growth and expansion plans on hold during this time, preferring to conserve what share of the market they could until more favorable business conditions emerge. For many financial services companies, that time is now.
This latest annual research report by Deloitte Touche Tohmatsu Limited’s Global Financial Services Industry group examines four elements that contribute to successful growth:
- Getting fit for growth
- Managing for growth
- Controlling for growth
- Staffing for growth
Through telephone interviews with 200 senior executives on six continents, conducted during the first quarter of 2013, we explored a number of key themes:
- What steps are financial services firms taking in Europe, Africa, Asia, Australia, North America, and South America to expand their products and markets?
- How much competition are they facing?
- What issues do they face regarding infrastructure, data analytics, and talent?
By focusing on these and other questions against a strategic framework of products and markets, we believe many global financial services firms will be well-positioned to win the race for more customers and more business in the months and years ahead.
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