Banking & capital markets CEOs are showing encouraging signs of optimism about the global economy. To position their organisations to take advantage of this growth, they can’t afford to fall behind the accelerating pace of change in their marketplace.
Industry leaders see technology, including the digital economy, social media, mobile devices, big data and other developments, as likely to have a transformational impact on their businesses over the next five years. More than 60% also pointed to the impact of global shifts in demographics and economic power. But most CEOs say they have yet to set in train initiatives to capitalise on these transformational trends in the key areas of talent, technology, distribution, data analytics, and innovation capacity. Many continue to cite the need to deal with regulatory upheaval as one of the factors that is making it difficult to deal with these longer term trends.
The organisations that will come through the shake-up in the strongest position to compete will be marked out by leaders who can manage through uncertainty and complexity as they seek to deal with regulatory upheaval while preparing for the future. This in turn demands a clear sense of who their key customers and markets are going to be. It also requires a forward looking view on how regulation will interact with the other transformational trends they face and how these developments will reshape customer expectations, how they go to market and the talent, systems and organisational capabilities they will need to meet these demands.