Globalization, service innovation and retirement market penetrationThe engines of growth through 2010 |
Deloitte’s latest research Global Industry Outlook: Shaping Your Strategy for a Changing World identifies key issues that will impact the financial services industry over the next three to five years.
Gerry Schipper, Deloitte Financial Services banking and securities leader in Australia, said: “The way institutions deal with these challenges over the next few years will determine the winners and losers through to 2010 and beyond. These trends pinpoint five areas of growth that the industry players will need to focus on for long-term sustainability".
The growth trends identified in the Deloitte study include:
- Penetrate emerging markets with low cost business models. The most successful players will pursue global expansion through cross-border consolidation, offshoring and investment in compelling overseas markets, such as China.
- Capture customer relationships through service and technology innovation. Personalization will become increasingly important as firms use technology to deepen retail relationships.
- Use transparency and compliance as opportunities to improve performance. Competitive financial institutions will invest in compliance infrastructure but manage costs more effectively.
- Address risk with an extended view of the enterprise. Enterprise risk management will be the standard framework for financial institutions in integrating a view of all risks and relating them to business objectives.
- Move aggressively to capture product and advisory opportunities in the retirement market. As baby boomers continue to retire over the next 20 years, firms will need to offer products and advice focused on asset allocation and wealth transfer rather than asset accumulation.
Read the full research in the PDF attachment below.
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Globalization, Service Innovation and Retirement Market Penetration
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