Financial Services: Gearing up for a new era

I just came across a survey by Deloitte about the future landscape of financial services. The survey is based on inputs from over 200 financial services executives from all over the world. It covers how the financial crisis and economic downturn has impacted the thought process, practices and strategies of banks and other financial institutions.

The impact of the crisis - damaged relations, curtailed performances and disrupted services - have been revealed in terms of statistics. It also focuses on the key focus areas for banks and other institutions as they try to make up for the lost ground.

The survey results make an interesting read. You can read more by following this link.

For me the key takeaways were regarding the future strategies that banks suggest they will adopt to gain a competitive position by taking advantage of the very little opportunity that this adversity had brought along. The three important aspects (no surprises here) of the new strategy that banks have identified are:

1)     Improving Customer Experience

2)     Risk Management

3)     New Product development

A picture is worth a thousand words, so here are snapshots of some of the survey results.