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Next generation of family business leaders embracing digital change, but facing hurdles

Next generation of family business leaders embracing digital change, but facing hurdles

Among the next generation of family business leaders, three in four have big plans to take their business forward. However, generational challenges persist, largely in the areas of digital and innovation. PwC conducted in-depth conversations with 35 next gens from 21 countries and polled more than 100 additional next gens for its new report, Same passion, different paths: How the next generation of family business leaders are making their mark. The results showed an incoming generation of family business leaders confronting generational gaps and culture change.

Prospective hires look for flexibility, easy-going co-workers, and the ability to take longer breaks from work

Asked to rank job characteristics in order of importance, prospective hires put flexible work options and a good rapport with colleagues at the top of the list. Money is important, but prospective employees’ needs go beyond their salary: they only ranked it third among the top five priorities. In the survey, conducted between November 2016 and March 2017, PwC Hungary asked 13,000 high schoolers, college students and recent graduates about their job preferences.

Majority of global financial services companies plan to increase FinTech partnerships as 88% concerned they will lose revenue to innovators

A large majority of global banks, insurers and investment managers intend to increase their partnerships with FinTech companies over the next 3 - 5 years and expect an average return on investment of 20% on their innovation projects, according to a new PwC report Redrawing the lines: FinTech’s growing influence on Financial Services.

Few banks ready for PSD2 and new world of open banking

Although the revised EU Payments Services Directive (PSD2) already goes into effect in January 2018, a new PwC survey shows few banks seem to be ready for it. At the start of the summer, 38% were still in the early stages of assessing its impact, while only 9% were in the implementation stage of the new PSD2 requirements.

 

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