Financial services of the future: technology, talent and transformation
How will the financial services industry evolve over the next five years?
What are the expectations of global executives’ for the future of financial services? A new survey reveals top challenges and opportunities global finance executives anticipate. Chief among these is their struggle to keep pace with changes coming at them from all directions: in particular, new technologies, new market players, and shifting customer demand.
- Navigating into the future
- Structural differences
- Expectations future of financial services
- More information
Navigating into the future of financial services
How rapidly is the pace of change accelerating for financial services industry (FSI) firms, and how are leaders planning to navigate their firms into the future? To answer these questions, it’s important to first consider that there are some regional and national differences in competitive market structure, regulatory environments, and the global scale of the industry that influence outcomes. Even though the larger G7 economies (Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom) are still dominant, in terms of size (assets) and number of transactions, other countries, especially from the large emerging markets, have been catching up.
To examine these similarities and differences between the larger economies and others, data was analyzed from a recent Deloitte survey of financial
services executives globally. The survey revealed that these geographic differences influence how financial services firms will be impacted, and what their executives are planning to do about it.
Expectations for the future
The analysis provided some insight regarding executives’ expectations for the future. In short, survey analysis showed that:
- Many G7 leaders doubt the influence of some emerging technologies, and are less likely to include them in their current plans
- There is broad agreement about the influence of regulation, and relatively less concern about both current and emerging competition
- G7 executives see changes in talent and operations coming much sooner than those in the rest of the world
- Talent needs and gaps differ; G7 leaders are looking for industry and content knowledge, whereas others value flexibility and adaptability
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