Explore our survey findings
Regulatory Impact Thinking about the different areas that could potentially be impacted by regulatory changes over the next 5 years, which areas of regulation are you most concerned about?
- Percentage of respondents who included each answer in their top 3
Data privacy and cybersecurity
3%0%
Digital identity authentication
3%0%
Use of new technology
3%0%
Local regulatory pressures - different regulations in different regions
3%0%
Environment and climate (e.g. ESG)
3%0%
KYC (Know Your Customer)
3%0%
Central Bank Digital Currency (CBDC)
3%0%
E-money/Cryptocurrency
3%0%
New business model (crowdfunding, peer-to-peer lending)
3%0%
Customer communication3%0%
AML (Anti Money Laundering)
3%0%
Enhanced accountability
3%0%
Open Banking
3%0%
Don't know
2%0%
Other (please specify)
0%0%
Cybersecurity Strategy Which of the following factors will have the greatest impact in shaping your cybersecurity strategy over the next 5 years?
- Percentage of respondents who included each answer in their top 3
Cybersecurity and data privacy regulations3%0%
Increasing complexity of cyber threats
3%0%
Shortage of cybersecurity talent
3%0%
Growing public concern over data privacy
3%0%
Human vulnerabilities (unintentional or malicious)
3%0%
Introduction of new authentication technologies, such as biometrics
3%0%
Adoption of Internet of Things (IoT) hardware and software
3%0%
Introduction of fifth-generation (5G) cellular networks
3%0%
Vulnerabilities in supply chains and business partners
3%0%
Rising geopolitical tensions
3%0%
Don't know2%0%
Other (please specify)0%0%
M&A, Divestitures or Carve-out Is your organisation likely to consider any Merger & Acquisition (M&A), Divestitures or Carve-out activity in the next 5 years?
- Percentage of respondents who included each answer in their top 3
Yes - expect 3 to 5 M&A/Divestitures/Carve-out activities
3%0%
Yes - expect 1 or 2 M&A/Divestitures/Carve-out activities3%0%
No - we don't plan to consider any M&A/Divestitures/Carve-out activities expected within next 5 years
3%0%
Yes - expect more than 5 M&A/Divestitures/Carve-out activities3%0%
Don't know3%0%
No - but we expect to be the target of an M&A/ ivestiture/Carve-out activity expected within next 5 years3%0%
ESG Influence To what extent do you expect ESG (Environmental, Social and Corporate Governance) to influence the following aspects of your organisation's business model?
- No influence
- Moderate influence
- Significant influence
- Don't know
- Outer circle: Global, All Sectors
- Inner circle: Select a jurisdiction, Select a sector
3%
34%
43%
21%
3%
34%
43%
21%
The role of employees in Financial Services The role of employees in Financial Services organisations is changing. Which of the following activities is your organisation planning to pursue over the next 5 years to address a potential future skills gap?
- Percentage of respondents who included each answer in their top 3
Undertake significant retraining/upskilling
3%0%
Establish a strong pipeline direct from education
3%0%
Outsource non-core activities to third parties
3%0%
Change the composition of the workforce between permanent and contingent staff
3%0%
Acquire a firm to access new skills/expertise
3%0%
Hire from competitors
3%0%
Hire from outside the industry3%0%
Don't know3%0%
Other (please specify)0%0%
Macro trends in FS Thinking about macro trends in the financial services industry, which of the statements below do you think is most likely to be true in the 2025?
- Outer circle: Global, All Sectors
- Inner circle: Select a jurisdiction, Select a sector
7%
30%
62%
7%
30%
62%
Thinking ahead to 2025 And finally, thinking ahead to 2025,what do you expect to be your organisation's top 3 challenges over the next 5 years in the order of priority for your organisation? - Ranked 1-3
- Percentage of respondents who included each answer in their top 3
Digital transformation
2%0%
Impact of new technologies
3%0%
Regulatory compliance
3%0%
Increasing frequency of cyber threats3%0%
Attracting new customers3%0%
Low or zero interest rate environment
3%0%
Attracting and retaining talented employees3%0%
Increasing profitability of customers
3%0%
Geopolitical uncertainty
3%0%
Climate change and environmental issues e.g. ESG
3%0%
Retaining existing customers3%0%
Pressure on Fees
3%0%
New and digital only market entrants3%0%
Crisis response preparedness
3%0%
Customers loss of trust in their financial institutions
3%0%
Investor demands
3%0%
Product development
3%0%
Increasing inequality
3%0%
Inadequacy of basic infrastructure
3%0%
Don't know1%0%
Other (please specify)0%0%
| Questions and Answers | Global | Asia Pac | EMEA | Americas |
|---|---|---|---|---|
| Regulatory Impact Thinking about the different areas that could potentially be impacted by regulatory changes over the next 5 years, which areas of regulation are you most concerned about? | ||||
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| AML (Anti Money Laundering) | 24% | 23% | 22% | 27% |
| Use of new technology | 30% | 33% | 23% | 32% |
| Enhanced accountability | 23% | 27% | 21% | 19% |
| Open Banking | 22% | 23% | 22% | 22% |
| Central Bank Digital Currency (CBDC) | 27% | 33% | 25% | 21% |
| Data privacy and cybersecurity | 48% | 40% | 50% | 57% |
| Environment and climate (e.g. ESG) | 28% | 36% | 26% | 20% |
| Customer communication | 25% | 28% | 19% | 26% |
| Digital identity authentication | 31% | 34% | 26% | 31% |
| E-money/Cryptocurrency | 27% | 28% | 25% | 26% |
| KYC (Know Your Customer) | 28% | 31% | 26% | 27% |
| Local regulatory pressures - different regulations in different regions | 30% | 35% | 28% | 26% |
| New business model (crowdfunding, peer-to-peer lending) | 26% | 35% | 22% | 18% |
| Other (please specify) | 0% | 0% | 0% | 1% |
| Don't know | 2% | 1% | 3% | 2% |
| Cybersecurity Strategy Which of the following factors will have the greatest impact in shaping your cybersecurity strategy over the next 5 years? | ||||
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| Shortage of cybersecurity talent | 35% | 37% | 36% | 32% |
| Introduction of new authentication technologies, such as biometrics | 30% | 33% | 25% | 29% |
| Increasing complexity of cyber threats | 45% | 42% | 42% | 51% |
| Introduction of fifth-generation (5G) cellular networks | 29% | 38% | 23% | 24% |
| Adoption of Internet of Things (IoT) hardware and software | 30% | 40% | 20% | 26% |
| Growing public concern over data privacy | 35% | 34% | 36% | 36% |
| Cybersecurity and data privacy regulations | 46% | 46% | 47% | 46% |
| Vulnerabilities in supply chains and business partners | 28% | 26% | 25% | 33% |
| Rising geopolitical tensions | 28% | 30% | 27% | 28% |
| Human vulnerabilities (unintentional or malicious) | 32% | 29% | 33% | 35% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Don't know | 2% | 2% | 3% | 2% |
| M&A, Divestitures or Carve-out Is your organisation likely to consider any Merger & Acquisition (M&A), Divestitures or Carve-out activity in the next 5 years? | ||||
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| Yes - expect 1 or 2 M&A/Divestitures/Carve-out activities | 25% | 22% | 23% | 29% |
| Yes - expect 3 to 5 M&A/Divestitures/Carve-out activities | 32% | 40% | 31% | 24% |
| Yes - expect more than 5 M&A/Divestitures/Carve-out activities | 13% | 13% | 11% | 13% |
| No - we don't plan to consider any M&A/Divestitures/Carve-out activities expected within next 5 years | 18% | 15% | 23% | 18% |
| No - but we expect to be the target of an M&A/ ivestiture/Carve-out activity expected within next 5 years | 4% | 5% | 4% | 4% |
| Don't know | 8% | 5% | 8% | 11% |
| ESG Influence To what extent do you expect ESG (Environmental, Social and Corporate Governance) to influence the following aspects of your organisation's business model? | ||||
Data shown:
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| Selection of clients | 21%,43%,34%,3% | 13%,47%,38%,3% | 20%,42%,35%,3% | 30%,38%,29%,3% |
| Selection of suppliers (value chain partners) | 17%,46%,34%,3% | 13%,45%,40%,2% | 17%,49%,31%,3% | 21%,44%,31%,4% |
| Products/service offering | 13%,45%,39%,3% | 10%,48%,40%,2% | 11%,44%,41%,4% | 18%,44%,36%,2% |
| Investment decisions | 14%,41%,41%,3% | 13%,40%,46%,2% | 13%,41%,42%,4% | 17%,43%,36%,4% |
| Lending decisions | 19%,43%,35%,4% | 18%,44%,33%,4% | 13%,41%,42%,4% | 24%,38%,33%,5% |
| Recruitment of employees | 22%,43%,33%,3% | 17%,50%,32%,1% | 24%,37%,35%,4% | 26%,38%,32%,4% |
| Overall organisation's strategy | 12%,43%,42%,3% | 10%,44%,44%,2% | 14%,40%,41%,5% | 14%,44%,39%,3% |
| The role of employees in Financial Services The role of employees in Financial Services organisations is changing. Which of the following activities is your organisation planning to pursue over the next 5 years to address a potential future skills gap? | ||||
Data shown:
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| Change the composition of the workforce between permanent and contingent staff | 35% | 40% | 33% | 31% |
| Hire from competitors | 30% | 28% | 33% | 30% |
| Acquire a firm to access new skills/expertise | 34% | 43% | 26% | 29% |
| Establish a strong pipeline direct from education | 40% | 45% | 30% | 43% |
| Hire from outside the industry | 29% | 31% | 28% | 28% |
| Undertake significant retraining/upskilling | 47% | 47% | 44% | 49% |
| Outsource non-core activities to third parties | 36% | 41% | 29% | 36% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Don't know | 4% | 3% | 6% | 4% |
| Macro trends in FS Thinking about macro trends in the financial services industry, which of the statements below do you think is most likely to be true in the 2025? | ||||
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| Trend 1: Interest rates | 62%,30%,7% | 68%,26%,6% | 57%,34%,9% | 60%,33%,7% |
| Trend 2: Alternative finance | 53%,38%,9% | 62%,31%,8% | 46%,43%,11% | 46%,43%,11% |
| Trend 3: Sources of capital | 56%,32%,12% | 65%,26%,9% | 49%,36%,15% | 50%,38%,13% |
| Trend 4: Regulatory initiatives | 47%,41%,12% | 48%,44%,7% | 46%,35%,18% | 46%,41%,13% |
| Trend 5: Globalisation | 34%,48%,17% | 40%,52%,8% | 29%,43%,28% | 32%,48%,20% |
| Trend 6: Digital v Bricks & Mortar | 68%,22%,10% | 67%,25%,8% | 66%,20%,14% | 70%,21%,8% |
| Trend 7: Big tech in FS | 61%,30%,8% | 63%,31%,6% | 57%,31%,11% | 63%,29%,8% |
| Thinking ahead to 2025 And finally, thinking ahead to 2025,what do you expect to be your organisation's top 3 challenges over the next 5 years in the order of priority for your organisation? - Ranked 1-3 | ||||
Data shown:
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| New and digital only market entrants | 14% | 13% | 15% | 14% |
| Inadequacy of basic infrastructure | 8% | 11% | 6% | 6% |
| Increasing frequency of cyber threats | 19% | 18% | 21% | 19% |
| Regulatory compliance | 20% | 16% | 21% | 24% |
| Investor demands | 12% | 12% | 13% | 10% |
| Low or zero interest rate environment | 17% | 18% | 17% | 17% |
| Increasing inequality | 9% | 12% | 9% | 7% |
| Geopolitical uncertainty | 15% | 13% | 17% | 15% |
| Climate change and environmental issues e.g. ESG | 15% | 18% | 13% | 13% |
| Crisis response preparedness | 14% | 15% | 15% | 13% |
| Customers loss of trust in their financial institutions | 13% | 16% | 15% | 9% |
| Attracting and retaining talented employees | 17% | 18% | 17% | 14% |
| Attracting new customers | 19% | 20% | 19% | 19% |
| Retaining existing customers | 15% | 14% | 16% | 14% |
| Increasing profitability of customers | 16% | 16% | 15% | 18% |
| Impact of new technologies | 21% | 20% | 16% | 26% |
| Product development | 11% | 12% | 10% | 11% |
| Pressure on Fees | 15% | 13% | 18% | 15% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Digital transformation | 22% | 19% | 23% | 26% |
| Don't know | 1% | 1% | 1% | 1% |
| Questions and Answers | Global | Asia Pac | EMEA | Americas |
|---|---|---|---|---|
| Regulatory Impact Thinking about the different areas that could potentially be impacted by regulatory changes over the next 5 years, which areas of regulation are you most concerned about? | ||||
Data shown:
|
||||
| AML (Anti Money Laundering) | 25% | 26% | 29% | 22% |
| Use of new technology | 31% | 33% | 27% | 32% |
| Enhanced accountability | 19% | 24% | 20% | 13% |
| Open Banking | 22% | 26% | 20% | 16% |
| Central Bank Digital Currency (CBDC) | 25% | 30% | 31% | 15% |
| Data privacy and cybersecurity | 51% | 41% | 47% | 66% |
| Environment and climate (e.g. ESG) | 32% | 34% | 37% | 25% |
| Customer communication | 21% | 24% | 14% | 23% |
| Digital identity authentication | 31% | 35% | 22% | 32% |
| E-money/Cryptocurrency | 26% | 30% | 27% | 20% |
| KYC (Know Your Customer) | 29% | 36% | 18% | 25% |
| Local regulatory pressures - different regulations in different regions | 33% | 41% | 29% | 25% |
| New business model (crowdfunding, peer-to-peer lending) | 24% | 34% | 16% | 16% |
| Other (please specify) | 1% | 0% | 0% | 3% |
| Don't know | 3% | 0% | 8% | 4% |
| Cybersecurity Strategy Which of the following factors will have the greatest impact in shaping your cybersecurity strategy over the next 5 years? | ||||
Data shown:
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| Shortage of cybersecurity talent | 33% | 42% | 22% | 27% |
| Introduction of new authentication technologies, such as biometrics | 23% | 28% | 14% | 22% |
| Increasing complexity of cyber threats | 47% | 41% | 41% | 59% |
| Introduction of fifth-generation (5G) cellular networks | 27% | 36% | 20% | 20% |
| Adoption of Internet of Things (IoT) hardware and software | 32% | 49% | 14% | 20% |
| Growing public concern over data privacy | 36% | 38% | 24% | 39% |
| Cybersecurity and data privacy regulations | 48% | 51% | 47% | 46% |
| Vulnerabilities in supply chains and business partners | 31% | 30% | 27% | 35% |
| Rising geopolitical tensions | 33% | 34% | 31% | 34% |
| Human vulnerabilities (unintentional or malicious) | 30% | 25% | 35% | 33% |
| Other (please specify) | 0% | 0% | 0% | 1% |
| Don't know | 1% | 1% | 4% | 0% |
| M&A, Divestitures or Carve-out Is your organisation likely to consider any Merger & Acquisition (M&A), Divestitures or Carve-out activity in the next 5 years? | ||||
Data shown:
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| Yes - expect 1 or 2 M&A/Divestitures/Carve-out activities | 31% | 23% | 14% | 27% |
| Yes - expect 3 to 5 M&A/Divestitures/Carve-out activities | 22% | 38% | 33% | 20% |
| Yes - expect more than 5 M&A/Divestitures/Carve-out activities | 22% | 9% | 8% | 11% |
| No - we don't plan to consider any M&A/Divestitures/Carve-out activities expected within next 5 years | 10% | 23% | 24% | 19% |
| No - but we expect to be the target of an M&A/ Divestiture/Carve-out activity expected within next 5 years | 4% | 5% | 4% | 4% |
| Don't know | 11% | 3% | 16% | 19% |
| ESG Influence To what extent do you expect ESG (Environmental, Social and Corporate Governance) to influence the following aspects of your organisation's business model? | ||||
Data shown:
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| Selection of clients | 21%,43%,33%,2% | 9%,49%,39%,3% | 22%,45%,31%,2% | 37%,34%,28%,1% |
| Selection of suppliers (value chain partners) | 15%,46%,35%,5% | 6%,43%,49%,2% | 16%,53%,24%,6% | 25%,44%,23%,8% |
| Products/service offering | 13%,43%,41%,3% | 5%,51%,43%,1% | 10%,35%,49%,6% | 24%,39%,33%,4% |
| Investment decisions | 12%,42%,43%,3% | 5%,44%,50%,1% | 10%,41%,45%,4% | 23%,41%,33%,4% |
| Lending decisions | 21%,43%,30%,5% | 12%,49%,36%,3% | 16%,49%,31%,4% | 37%,33%,23%,8% |
| Recruitment of employees | 19%,46%,32%,3% | 10%,53%,35%,2% | 27%,45%,24%,4% | 27%,37%,32%,5% |
| Overall organisation's strategy | 13%,44%,40%,2% | 7%,44%,48%,1% | 14%,47%,39%,0% | 22%,43%,32%,4% |
| The role of employees in Financial Services The role of employees in Financial Services organisations is changing. Which of the following activities is your organisation planning topursue over the next 5 years to address a potential future skills gap? | ||||
Data shown:
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| Change the composition of the workforce between permanent and contingent staff | 40% | 44% | 35% | 37% |
| Hire from competitors | 27% | 26% | 24% | 28% |
| Acquire a firm to access new skills/expertise | 31% | 45% | 22% | 18% |
| Establish a strong pipeline direct from education | 45% | 49% | 24% | 52% |
| Hire from outside the industry | 27% | 30% | 16% | 30% |
| Undertake significant retraining/upskilling | 46% | 45% | 37% | 52% |
| Outsource non-core activities to third parties | 37% | 40% | 29% | 37% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Don't know | 6% | 4% | 12% | 4% |
| Macro trends in FS Thinking about macro trends in the financial services industry, which of the statements below do you think is most likely to be true in the 2025? | ||||
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| Trend 1: Interest rates | 63%,31%,6% | 68%,29%,3% | 59%,33%,8% | 59%,33%,8% |
| Trend 2: Alternative finance | 53%,38%,8% | 67%,30%,3% | 45%,47%,8% | 42%,43%,15% |
| Trend 3: Sources of capital | 60%,30%,10% | 68%,28%,4% | 51%,33%,16% | 56%,29%,15% |
| Trend 4: Regulatory initiatives | 49%,37%,15% | 56%,38%,6% | 45%,33%,22% | 42%,37%,22% |
| Trend 5: Globalisation | 29%,53%,18% | 38%,54%,8% | 14%,51%,35% | 25%,53%,22% |
| Trend 6: Digital v Bricks & Mortar | 69%,21%,10% | 72%,24%,5% | 69%,16%,14% | 66%,22%,13% |
| Trend 7: Big tech in FS | 59%,33%,9% | 58%,37%,5% | 53%,37%,10% | 63%,24%,13% |
| Thinking ahead to 2025 And finally, thinking ahead to 2025,what do you expect to be your organisation’s top 3 challenges over the next 5 years in the order of priority for your organisation? - Ranked 1-3 | ||||
Data shown:
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| New and digital only market entrants | 11% | 10% | 12% | 11% |
| Inadequacy of basic infrastructure | 6% | 6% | 6% | 5% |
| Increasing frequency of cyber threats | 24% | 22% | 27% | 25% |
| Regulatory compliance | 24% | 23% | 22% | 27% |
| Investor demands | 15% | 15% | 16% | 14% |
| Low or zero interest rate environment | 14% | 11% | 16% | 16% |
| Increasing inequality | 6% | 9% | 2% | 5% |
| Geopolitical uncertainty | 21% | 11% | 22% | 6% |
| Climate change and environmental issues e.g. ESG | 13% | 15% | 8% | 14% |
| Crisis response preparedness | 17% | 18% | 22% | 14% |
| Customers loss of trust in their financial institutions | 11% | 15% | 10% | 8% |
| Attracting and retaining talented employees | 15% | 18% | 12% | 14% |
| Attracting new customers | 15% | 21% | 18% | 6% |
| Retaining existing customers | 12% | 18% | 22% | 24% |
| Increasing profitability of customers | 18% | 20% | 20% | 15% |
| Impact of new technologies | 25% | 25% | 14% | 32% |
| Product development | 10% | 12% | 10% | 9% |
| Pressure on Fees | 16% | 13% | 20% | 16% |
| Other (please specify) | 0% | 0% | 0% | 1% |
| Digital transformation | 22% | 18% | 16% | 30% |
| Don't know | 0% | 0% | 0% | 1% |
| Questions and Answers | Global | Asia Pac | EMEA | Americas |
|---|---|---|---|---|
| Regulatory Impact Thinking about the different areas that could potentially be impacted by regulatory changes over the next 5 years, which areas of regulation are you most concerned about? | ||||
Data shown:
|
||||
| AML (Anti Money Laundering) | 26% | 23% | 24% | 30% |
| Use of new technology | 27% | 26% | 19% | 34% |
| Enhanced accountability | 26% | 29% | 22% | 27% |
| Open Banking | 27% | 23% | 29% | 30% |
| Central Bank Digital Currency (CBDC) | 31% | 35% | 26% | 31% |
| Data privacy and cybersecurity | 43% | 31% | 52% | 46% |
| Environment and climate (e.g. ESG) | 26% | 33% | 28% | 19% |
| Customer communication | 24% | 27% | 19% | 26% |
| Digital identity authentication | 31% | 33% | 30% | 31% |
| E-money/Cryptocurrency | 32% | 32% | 32% | 32% |
| KYC (Know Your Customer) | 30% | 30% | 28% | 31% |
| Local regulatory pressures - different regulations in different regions | 24% | 23% | 27% | 23% |
| New business model (crowdfunding, peer-to-peer lending) | 25% | 24% | 27% | 23% |
| Other (please specify) | 0% | 0% | 1% | 0% |
| Don't know | 1% | 0% | 0% | 2% |
| Cybersecurity Strategy Which of the following factors will have the greatest impact in shaping your cybersecurity strategy over the next 5 years? | ||||
Data shown:
|
||||
| Shortage of cybersecurity talent | 36% | 34% | 39% | 35% |
| Introduction of new authentication technologies, such as biometrics | 26% | 20% | 26% | 32% |
| Increasing complexity of cyber threats | 45% | 45% | 38% | 50% |
| Introduction of fifth-generation (5G) cellular networks | 30% | 38% | 20% | 31% |
| Adoption of Internet of Things (IoT) hardware and software | 27% | 31% | 23% | 28% |
| Growing public concern over data privacy | 35% | 30% | 42% | 34% |
| Cybersecurity and data privacy regulations | 46% | 38% | 48% | 50% |
| Vulnerabilities in supply chains and business partners | 28% | 21% | 25% | 36% |
| Rising geopolitical tensions | 27% | 25% | 28% | 27% |
| Human vulnerabilities (unintentional or malicious) | 35% | 40% | 38% | 29% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Don't know | 2% | 2% | 2% | 2% |
| M&A, Divestitures or Carve-out Is your organisation likely to consider any Merger & Acquisition (M&A), Divestitures or Carve-out activity in the next 5 years? | ||||
Data shown:
|
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| Yes - expect 1 or 2 M&A/Divestitures/Carve-out activities | 31% | 24% | 24% | 30% |
| Yes - expect 3 to 5 M&A/Divestitures/Carve-out activities | 26% | 35% | 31% | 28% |
| Yes - expect more than 5 M&A/Divestitures/Carve-out activities | 15% | 24% | 11% | 15% |
| No - we don't plan to consider any M&A/Divestitures/Carve-out activities expected within next 5 years | 17% | 10% | 22% | 13% |
| No - but we expect to be the target of an M&A/ Divestiture/Carve-out activity expected within next 5 years | 5% | 4% | 4% | 6% |
| Don't know | 6% | 2% | 8% | 9% |
| ESG Influence To what extent do you expect ESG (Environmental, Social and Corporate Governance) to influence the following aspects of your organisation's business model? | ||||
Data shown:
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| Selection of clients | 16%,42%,38%,5% | 10%,43%,43%,4% | 19%,41%,35%,5% | 19%,41%,35%,5% |
| Selection of suppliers (value chain partners) | 15%,45%,38%,3% | 14%,45%,40%,1% | 15%,46%,35%,4% | 15%,44%,38%,3% |
| Products/service offering | 11%,48%,38%,3% | 10%,51%,37%,2% | 14%,41%,41%,4% | 10%,51%,35%,3% |
| Investment decisions | 14%,41%,42%,3% | 13%,40%,47%,0% | 13%,40%,41%,6% | 15%,43%,38%,4% |
| Lending decisions | 14%,43%,41%,2% | 12%,45%,43%,0% | 18%,41%,38%,3% | 11%,43%,42%,4% |
| Recruitment of employees | 20%,42%,36%,2% | 13%,52%,35%,0% | 24%,33%,40%,3% | 22%,41%,34%,3% |
| Overall organisation's strategy | 11%,38%,47%,4% | 11%,41%,48%,0% | 14%,34%,43%,9% | 9%,40%,50%,2% |
| The role of employees in Financial Services The role of employees in Financial Services organisations is changing. Which of the following activities is your organisation planning topursue over the next 5 years to address a potential future skills gap? | ||||
Data shown:
|
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| Change the composition of the workforce between permanent and contingent staff | 35% | 33% | 38% | 34% |
| Hire from competitors | 34% | 33% | 34% | 34% |
| Acquire a firm to access new skills/expertise | 35% | 38% | 28% | 40% |
| Establish a strong pipeline direct from education | 38% | 40% | 36% | 39% |
| Hire from outside the industry | 24% | 23% | 29% | 21% |
| Undertake significant retraining/upskilling | 44% | 41% | 45% | 47% |
| Outsource non-core activities to third parties | 33% | 35% | 30% | 34% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Don't know | 4% | 3% | 5% | 4% |
| Macro trends in FS Thinking about macro trends in the financial services industry, which of the statements below do you think is most likely to be true in the 2025? | ||||
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| Trend 1: Interest rates | 62%,32%,6% | 69%,25%,5% | 58%,34%,8% | 60%,35%,5% |
| Trend 2: Alternative finance | 52%,40%,8% | 62%,33%,5% | 48%,44%,8% | 48%,42%,10% |
| Trend 3: Sources of capital | 55%,36%,9% | 70%,24%,5% | 51%,39%,10% | 45%,45%,10% |
| Trend 4: Regulatory initiatives | 49%,40%,12% | 56%,40%,4% | 40%,42%,18% | 50%,37%,12% |
| Trend 5: Globalisation | 41%,43%,16% | 48%,47%,4% | 34%,40%,26% | 42%,43%,15% |
| Trend 6: Digital v Bricks & Mortar | 66%,24%,10% | 69%,24%,7% | 60%,25%,15% | 69%,24%,8% |
| Trend 7: Big tech in FS | 65%,29%,6% | 74%,25%,1% | 63%,27%,10% | 58%,34%,8% |
| Thinking ahead to 2025 And finally, thinking ahead to 2025,what do you expect to be your organisation’s top 3 challenges over the next 5 years in the order of priority for your organisation? - Ranked 1-3 | ||||
Data shown:
|
||||
| New and digital only market entrants | 14% | 12% | 15% | 13% |
| Inadequacy of basic infrastructure | 8% | 15% | 6% | 5% |
| Increasing frequency of cyber threats | 17% | 13% | 21% | 16% |
| Regulatory compliance | 21% | 14% | 25% | 23% |
| Investor demands | 9% | 5% | 12% | 10% |
| Low or zero interest rate environment | 19% | 23% | 18% | 17% |
| Increasing inequality | 11% | 15% | 10% | 8% |
| Geopolitical uncertainty | 15% | 15% | 8% | 10% |
| Climate change and environmental issues e.g. ESG | 16% | 16% | 18% | 14% |
| Crisis response preparedness | 13% | 13% | 13% | 13% |
| Customers loss of trust in their financial institutions | 14% | 16% | 18% | 9% |
| Attracting and retaining talented employees | 17% | 19% | 15% | 16% |
| Attracting new customers | 18% | 19% | 12% | 24% |
| Retaining existing customers | 11% | 10% | 16% | 17% |
| Increasing profitability of customers | 17% | 15% | 15% | 20% |
| Impact of new technologies | 20% | 16% | 16% | 27% |
| Product development | 9% | 12% | 7% | 9% |
| Pressure on Fees | 15% | 14% | 19% | 12% |
| Other (please specify) | 0% | 2% | 3% | 1% |
| Digital transformation | 26% | 21% | 25% | 30% |
| Don't know | 2% | 0% | 0% | 0% |
| Questions and Answers | Global | Asia Pac | EMEA | Americas |
|---|---|---|---|---|
| Regulatory Impact Thinking about the different areas that could potentially be impacted by regulatory changes over the next 5 years, which areas of regulation are you most concerned about? | ||||
Data shown:
|
||||
| AML (Anti Money Laundering) | 55% | 46% | 51% | 66% |
| Use of new technology | 28% | 23% | 20% | 38% |
| Enhanced accountability | 29% | 27% | 31% | 29% |
| Open Banking | 29% | 27% | 31% | 29% |
| Central Bank Digital Currency (CBDC) | 26% | 35% | 29% | 17% |
| Data privacy and cybersecurity | 17% | 25% | 12% | 16% |
| Environment and climate (e.g. ESG) | 17% | 21% | 14% | 16% |
| Customer communication | 17% | 19% | 14% | 19% |
| Digital identity authentication | 21% | 27% | 18% | 19% |
| E-money/Cryptocurrency | 27% | 27% | 22% | 31% |
| KYC (Know Your Customer) | 23% | 27% | 12% | 28% |
| Local regulatory pressures - different regulations in different regions | 23% | 29% | 22% | 17% |
| New business model (crowdfunding, peer-to-peer lending) | 11% | 8% | 8% | 16% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Don't know | 4% | 6% | 6% | 0% |
| Cybersecurity Strategy Which of the following factors will have the greatest impact in shaping your cybersecurity strategy over the next 5 years? | ||||
Data shown:
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| Shortage of cybersecurity talent | 43% | 42% | 45% | 41% |
| Introduction of new authentication technologies, such as biometrics | 45% | 42% | 45% | 47% |
| Increasing complexity of cyber threats | 36% | 29% | 37% | 41% |
| Introduction of fifth-generation (5G) cellular networks | 37% | 33% | 43% | 36% |
| Adoption of Internet of Things (IoT) hardware and software | 30% | 25% | 22% | 40% |
| Growing public concern over data privacy | 24% | 21% | 20% | 29% |
| Cybersecurity and data privacy regulations | 32% | 25% | 37% | 33% |
| Vulnerabilities in supply chains and business partners | 23% | 23% | 33% | 16% |
| Rising geopolitical tensions | 21% | 19% | 22% | 22% |
| Human vulnerabilities (unintentional or malicious) | 25% | 19% | 24% | 29% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Don't know | 5% | 6% | 4% | 5% |
| M&A, Divestitures or Carve-out Is your organisation likely to consider any Merger & Acquisition (M&A), Divestitures or Carve-out activity in the next 5 years? | ||||
Data shown:
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| Yes - expect 1 or 2 M&A/Divestitures/Carve-out activities | 23% | 25% | 33% | 26% |
| Yes - expect 3 to 5 M&A/Divestitures/Carve-out activities | 28% | 17% | 29% | 22% |
| Yes - expect more than 5 M&A/Divestitures/Carve-out activities | 23% | 8% | 12% | 10% |
| No - we don't plan to consider any M&A/Divestitures/Carve-out activities expected within next 5 years | 10% | 21% | 22% | 26% |
| No - but we expect to be the target of an M&A/ Divestiture/Carve-out activity expected within next 5 years | 6% | 10% | 4% | 5% |
| Don't know | 10% | 19% | 0% | 10% |
| ESG Influence To what extent do you expect ESG (Environmental, Social and Corporate Governance) to influence the following aspects of your organisation's business model? | ||||
Data shown:
|
||||
| Selection of clients | 26%,44%,29%,1% | 15%,44%,40%,2% | 22%,45%,33%,0% | 40%,43%,17%,0% |
| Selection of suppliers (value chain partners) | 21%,50%,26%,3% | 21%,48%,25%,6% | 20%,53%,27%,0% | 22%,48%,26%,3% |
| Products/service offering | 15%,45%,39%,1% | 10%,42%,46%,2% | 8%,57%,33%,2% | 24%,38%,38%,0% |
| Investment decisions | 15%,44%,39%,3% | 17%,38%,46%,0% | 16%,43%,39%,2% | 12%,50%,33%,5% |
| Lending decisions | 25%,46%,25%,5% | 21%,50%,27%,2% | 22%,49%,22%,6% | 31%,40%,24%,5% |
| Recruitment of employees | 23%,45%,28%,5% | 29%,46%,25%,0% | 16%,45%,33%,6% | 24%,43%,26%,7% |
| Overall organisation's strategy | 14%,46%,37%,3% | 13%,40%,46%,2% | 16%,43%,39%,2% | 14%,55%,28%,3% |
| The role of employees in Financial Services The role of employees in Financial Services organisations is changing. Which of the following activities is your organisation planning topursue over the next 5 years to address a potential future skills gap? | ||||
Data shown:
|
||||
| Change the composition of the workforce between permanent and contingent staff | 26% | 33% | 27% | 21% |
| Hire from competitors | 26% | 21% | 37% | 21% |
| Acquire a firm to access new skills/expertise | 27% | 33% | 22% | 26% |
| Establish a strong pipeline direct from education | 34% | 29% | 24% | 45% |
| Hire from outside the industry | 28% | 21% | 31% | 33% |
| Undertake significant retraining/upskilling | 49% | 44% | 53% | 50% |
| Outsource non-core activities to third parties | 35% | 42% | 29% | 34% |
| Other (please specify) | 0% | 0% | 0% | 0% |
| Don't know | 5% | 4% | 4% | 7% |
| Macro trends in FS Thinking about macro trends in the financial services industry, which of the statements below do you think is most likely to be true in the 2025? | ||||
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| Trend 1: Interest rates | 54%,34%,12% | 50%,33%,17% | 53%,35%,12% | 59%,33%,9% |
| Trend 2: Alternative finance | 50%,37%,12% | 52%,35%,13% | 45%,37%,18% | 53%,40%,7% |
| Trend 3: Sources of capital | 46%,32%,22% | 48%,25%,27% | 41%,37%,22% | 50%,33%,17% |
| Trend 4: Regulatory initiatives | 44%,43%,14% | 33%,50%,17% | 55%,27%,18% | 43%,50%,7% |
| Trend 5: Globalisation | 30%,44%,26% | 35%,44%,21% | 33%,41%,27% | 24%,47%,29% |
| Trend 6: Digital v Bricks & Mortar | 61%,24%,15% | 35%,40%,25% | 76%,12%,12% | 71%,21%,9% |
| Trend 7: Big tech in FS | 60%,27%,13% | 58%,27%,15% | 55%,29%,16% | 66%,26%,9% |
| Thinking ahead to 2025 And finally, thinking ahead to 2025,what do you expect to be your organisation’s top 3 challenges over the next 5 years in the order of priority for your organisation? - Ranked 1-3 | ||||
Data shown:
|
||||
| New and digital only market entrants | 19% | 21% | 22% | 14% |
| Inadequacy of basic infrastructure | 15% | 15% | 14% | 17% |
| Increasing frequency of cyber threats | 19% | 15% | 14% | 26% |
| Regulatory compliance | 25% | 21% | 31% | 24% |
| Investor demands | 17% | 19% | 16% | 17% |
| Low or zero interest rate environment | 16% | 15% | 16% | 17% |
| Increasing inequality | 19% | 19% | 27% | 14% |
| Geopolitical uncertainty | 14% | 13% | 12% | 17% |
| Climate change and environmental issues e.g. ESG | 13% | 13% | 16% | 10% |
| Crisis response preparedness | 13% | 15% | 12% | 12% |
| Customers loss of trust in their financial institutions | 10% | 13% | 27% | 28% |
| Attracting and retaining talented employees | 23% | 10% | 12% | 9% |
| Attracting new customers | 11% | 13% | 12% | 9% |
| Retaining existing customers | 15% | 13% | 18% | 16% |
| Increasing profitability of customers | 16% | 27% | 10% | 12% |
| Impact of new technologies | 11% | 13% | 12% | 9% |
| Product development | 12% | 10% | 10% | 14% |
| Pressure on Fees | 12% | 13% | 12% | 10% |
| Other (please specify) | 10% | 15% | 4% | 10% |
| Digital transformation | 2% | 0% | 0% | 0% |
| Don't know | 0% | 2% | 0% | 3% |
| Questions and Answers | Global | Asia Pac | EMEA | Americas |
|---|---|---|---|---|
| Regulatory Impact Thinking about the different areas that could potentially be impacted by regulatory changes over the next 5 years, which areas of regulation are you most concerned about? | ||||
Data shown:
|
||||
| AML (Anti Money Laundering) | 13% | |||
| Use of new technology | 26% | |||
| Enhanced accountability | 17% | |||
| Open Banking | 30% | |||
| Central Bank Digital Currency (CBDC) | 30% | |||
| Data privacy and cybersecurity | 39% | |||
| Environment and climate (e.g. ESG) | 30% | |||
| Customer communication | 26% | |||
| Digital identity authentication | 13% | |||
| E-money/Cryptocurrency | 22% | |||
| KYC (Know Your Customer) | 26% | |||
| Local regulatory pressures - different regulations in different regions | 26% | |||
| New business model (crowdfunding, peer-to-peer lending) | 17% | |||
| Other (please specify) | 0% | |||
| Don't know | 0% | |||
| Cybersecurity Strategy Which of the following factors will have the greatest impact in shaping your cybersecurity strategy over the next 5 years? | ||||
Data shown:
|
||||
| Shortage of cybersecurity talent | 26% | |||
| Introduction of new authentication technologies, such as biometrics | 30% | |||
| Increasing complexity of cyber threats | 39% | |||
| Introduction of fifth-generation (5G) cellular networks | 26% | |||
| Adoption of Internet of Things (IoT) hardware and software | 26% | |||
| Growing public concern over data privacy | 30% | |||
| Cybersecurity and data privacy regulations | 48% | |||
| Vulnerabilities in supply chains and business partners | 17% | |||
| Rising geopolitical tensions | 26% | |||
| Human vulnerabilities (unintentional or malicious) | 30% | |||
| Other (please specify) | 0% | |||
| Don't know | 0% | |||
| M&A, Divestitures or Carve-out Is your organisation likely to consider any Merger & Acquisition (M&A), Divestitures or Carve-out activity in the next 5 years? | ||||
Data shown:
|
||||
| Yes - expect 1 or 2 M&A/Divestitures/Carve-out activities | 30% | |||
| Yes - expect 3 to 5 M&A/Divestitures/Carve-out activities | 30% | |||
| Yes - expect more than 5 M&A/Divestitures/Carve-out activities | 13% | |||
| No - we don't plan to consider any M&A/Divestitures/Carve-out activities expected within next 5 years | 17% | |||
| No - but we expect to be the target of an M&A/ Divestiture/Carve-out activity expected within next 5 years | 0% | |||
| Don't know | 9% | |||
| ESG Influence To what extent do you expect ESG (Environmental, Social and Corporate Governance) to influence the following aspects of your organisation's business model? | ||||
Data shown:
|
||||
| Selection of clients | 13%,30%,52%,4% | |||
| Selection of suppliers (value chain partners) | 22%,30%,43%,4% | |||
| Products/service offering | 9%,43%,43%,4% | |||
| Investment decisions | 4%,43%,43%,9% | |||
| Lending decisions | 13%,48%,35%,4% | |||
| Recruitment of employees | 17%,35%,48%,0% | |||
| Overall organisation's strategy | 9%,39%,43%,9% | |||
| The role of employees in Financial Services The role of employees in Financial Services organisations is changing. Which of the following activities is your organisation planning topursue over the next 5 years to address a potential future skills gap? | ||||
Data shown:
|
||||
| Change the composition of the workforce between permanent and contingent staff | 17% | |||
| Hire from competitors | 22% | |||
| Acquire a firm to access new skills/expertise | 22% | |||
| Establish a strong pipeline direct from education | 39% | |||
| Hire from outside the industry | 52% | |||
| Undertake significant retraining/upskilling | 26% | |||
| Outsource non-core activities to third parties | 52% | |||
| Other (please specify) | 0% | |||
| Don't know | 0% | |||
| Macro trends in FS Thinking about macro trends in the financial services industry, which of the statements below do you think is most likely to be true in the 2025? | ||||
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| Trend 1: Interest rates | 65%,22%,13% | |||
| Trend 2: Alternative finance | 52%,26%,22% | |||
| Trend 3: Sources of capital | 65%,22%,13% | |||
| Trend 4: Regulatory initiatives | 52%,43%,4% | |||
| Trend 5: Globalisation | 39%,43%,17% | |||
| Trend 6: Digital v Bricks & Mortar | 83%,13%,4% | |||
| Trend 7: Big tech in FS | 74%,26%,0% | |||
| Thinking ahead to 2025 And finally, thinking ahead to 2025,what do you expect to be your organisation’s top 3 challenges over the next 5 years in the order of priority for your organisation? - Ranked 1-3 | ||||
Data shown:
|
||||
| New and digital only market entrants | 9% | |||
| Inadequacy of basic infrastructure | 22% | |||
| Increasing frequency of cyber threats | 4% | |||
| Regulatory compliance | 0% | |||
| Investor demands | 13% | |||
| Low or zero interest rate environment | 13% | |||
| Increasing inequality | 26% | |||
| Geopolitical uncertainty | 0% | |||
| Climate change and environmental issues e.g. ESG | 13% | |||
| Crisis response preparedness | 9% | |||
| Customers loss of trust in their financial institutions | 9% | |||
| Attracting and retaining talented employees | 22% | |||
| Attracting new customers | 26% | |||
| Retaining existing customers | 30% | |||
| Increasing profitability of customers | 17% | |||
| Impact of new technologies | 35% | |||
| Product development | 17% | |||
| Pressure on Fees | 13% | |||
| Other (please specify) | 0% | |||
| Digital transformation | 17% | |||
| Don't know | 0% | |||
Retail Banking 2025 and Beyond
The retail banking industry is undergoing tremendous change. Our analysis suggests several possibilities for how the next decade could unfold. Now is the time to consider radical future-facing scenarios to prepare to build the capabilities and resilience that will be necessary to thrive in tomorrow’s far more dynamic environment.
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Insurance 2025 and Beyond
Five key trends influencing the industry and five strategic imperatives insurers should consider as they rethink their strategies and plan for the future.
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