SOURCE: PricewaterhouseCoopers LLP
Financial services talent models are unsustainable in new business climate
• A combination of technology, new capital demands and the economic situation are transforming customer expectations and making once-profitable areas of business unviable.
• More than 80% of financial services leaders see over-regulation as a threat to growth while more than half are concerned about the shift in customer spending and behaviour.
• Half of financial services CEOs believe that a lack of trust in the industry is holding back growth.
• Rebuilding trust with disenchanted customers is going to be vital in order to strengthen customer loyalty, retention and growth – the number one strategic priority for industry leaders.
• Re-engaging with customers is going to be extremely difficult without re-engaging with employees and the challenge is heightened by the extent to which trust between employers and employees in the industry has been shaken by retrenchment and organisational upheaval.
• Significant changes required in organisation culture, including demonstrating and reinforcing the right behaviours across all front and back office functions and geographies