Business and financial services M&A update: Q4 2023

The global financial services industry is shifting to incorporate AI to increase efficiency in loan processing, fraud detection, and risk management, while simultaneously freeing up human capital for more strategic work.1

Business and financial services trends

  • Business process outsourcing (BPO)
    Robotic process automation (RPA) is becoming more and more popular as many companies look for creative ways to automate repetitive, rule-based processes.2
  • Consulting
    The management consulting industry is projected to grow at a 4.8% CAGR and reach $411 billion by 2028.3
  • Education and training (E&T)
    Virtual reality (VR) is expected to advance the industry significantly, providing realistic simulations, including interpersonal skill situations, emergency protocols, and surgical procedures.4
  • Insurance, legal, and risk services
    Given the greater US macroeconomic environment, demand for counter-cyclical law services such as labor, employment, and bankruptcy has primarily driven industry growth.5
  • Staffing and recruiting
    The shift to hybrid working has proven to be sticky, with 54% of remote employees stating a preference for the hybrid business model.6


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1. RSM, 2023 financial services industry outlook, May 2, 2023.

2. Medium, “Key BPO Trends for 2024:Everything You Need To Know ”, December 29, 2023.

3. NMS Consulting, “The Biggest Management Consulting Trends in 2023”, 2023.

4. Research.com, “16 Top Training Industry Trends: Data, Insights & Predictions”, June 15, 2023.

5. Yahoo Personal Office, "What the Fed rate decision means for bank accounts, CDs, loans, and credit cards”, February 2, 2024.

6. Forbes, “Trends Shaping Strategic Recruitment and New Hiring Trends”, April 4, 2023.

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