A time of dynamic opportunity to serve customers and grow.
The U.S. financial services industry continues to face a long list of challenges requiring new and innovative answers. The focus of most firms has shifted from recovery and survival in the aftermath of the financial crisis to how they can best deliver sustainable, profitable growth. The introduction of new competitors, increasing regulation, and changing customer expectations are converging to make this a challenging journey.
This convergence is evident in the banking sector where the changes to customers’ traditional banking needs are colliding with increased digitization and rapidly evolving customer expectations. The impact of these forces on banks’ traditional distribution strategies will be profound, and the institutions that get it right will have a distinct competitive advantage.
Forces are similar within the insurance space, where cost pressures, demographic shifts, and the explosion of available data to measure risk continue to disrupt the status quo. Insurers and reinsurers will need to adapt to remain competitive, stay relevant to their customers and accountable to stakeholders, and create value for investors.
The capital market and asset management sectors are also under huge pressure to transform their operating models and technology. The emerging regulatory landscape is fundamentally changing where and how these firms can deliver returns to their customers. In summary, it is a time when financial services firms with bold strategies and committed management teams can reinvent themselves for the next generation.