Courtesy of Deloitte:
Global Financial Services Industry Outlook: Shaping Your Strategy in a Changing World, which was developed in conjunction with the Economist Intelligence Unit, is based on a survey of 175 global financial services executives and 21 in-depth interviews with senior management at global financial services institutions on the transformative issues shaping the executive agenda. It incorporates details about the strategies and practices these executives are pursuing to help them meet their financial goals.
Global Financial Services Industry Outlook Survey – Deloitte Touche Tohmatsu
Insights from the survey, executive interviews and our clients' experiences helped us to identify five engines of growth for financial services firms:
- Penetrate emerging markets with low cost business models. The most successful players will pursue global expansion through cross-border consolidation, offshoring and investment in compelling overseas markets, such as China.
- Capture customer relationships through service and technology innovation. Personalization will become increasingly important as firms use technology to deepen retail relationships.
- Use transparency and compliance as opportunities to improve performance. Competitive financial institutions will invest in compliance infrastructure but manage costs more effectively.
- Address risk with an extended view of the enterprise. Enterprise risk management will be the standard framework for financial institutions in integrating a view of all risks and relating them to business objectives.
- Move aggressively to capture product and advisory opportunities in the retirement market. As Baby Boomers continue to retire over the next twenty years, firms will need to offer products and advice focused on asset allocation and wealth transfer rather than asset accumulation.
The reports also incorporate feedback from executive interviews and identify five “issues to watch” as we approach 2010.
Bankwatch 