Despite the short-term disruption, the Brexit vote offers financial institutions a golden opportunity to think differently about how they do what they do, in the context of broad industry changes.
Firms may merge or be acquired. Firms may expand into the UK, or elsewhere into Europe. They may take this time to rationalize contracts, streamline product offerings, shore up security defenses and more. The paths they'll follow depends on the planning they do now.
Financial institutions headquartered in the United States have varying degrees of exposure to the situation in the UK. They might have financial holdings: deposits, loans, and securities. Some have a physical presence, with branches, call centers, and offices. Many rely on local employees, contractors, and vendors.
Each of these will require a different kind of attention. Are you ready?
“Banks and capital markets firms have put in a lot of change management effort around regulatory expectations in recent years. Brexit adds another dimension on top of that, and firms can’t look at it in a vacuum. It’s all interconnected.”