Oliver Wyman Launches 17th Annual State of the Financial Services Industry Report at WEF 2014 Annual Meeting
22 1월 2014 - 9:00AM
Business Wire
Today Oliver Wyman, the leading international management
consulting firm, launches its 17th annual State of the Financial
Services industry report at the World Economic Forum’s (WEF) annual
meeting in Davos. This year’s report focuses squarely on the growth
challenge for the industry and identifies several “blind spots”
that could impede the industry’s recovery and growth.
The report examines the factors that drove healthy growth in
financial services before the crisis and argues that few of them
will drive similar growth in the future. Both credit expansion and
greater uptake of financial products will continue, but will be
bounded by leverage limits and conduct rules. They will be skewed
across regions and only emerging markets will experience high
growth. Aging in the developed world also poses challenges for the
industry. Globalization is in reverse and larger players are
constrained. Consolidation will benefit only mid-sized firms, some
of whom will leap to the top. Finally, developments in technology
and data will challenge firms that are slow to adapt.
There is a range of unmet societal needs that financial services
will be instrumental in solving. These include healthcare and aging
populations; managing the cost of living challenge; effectively
matching society’s long-term saving and long-term financing needs;
and, filling the shortfall in global infrastructure and energy
finance.
“Despite the severity of the growth challenge, we remain
optimistic about the outlook for those firms in financial services
that can adapt rapidly to the new world,” said Nick Studer,
managing partner of Oliver Wyman’s financial services practice.
“Much work remains to resolve the problems of the last decade, but
the industry is transforming and the leading firms can begin to
return to the challenge of future growth.”
The report identifies the need for more imagination in
addressing the industry’s productivity problems, and further
identifies six potential “blind spots” that may impede growth.
- The role of central banks – the
report argues that many countries are asking too much of central
banks
- Stress testing – a vital new
tool which will improve bank management and regulation, as long as
the risks of over-standardization and regulatory capture are
avoided
- The importance of digital –
potential changes in payments, branch banking, financial advice and
the use of social media will accelerate change in the industry,
most likely to the benefit of fast-moving incumbents
- Talent management – as financial
services has lost its cachet, the industry needs to up its game in
finding, motivating, and developing its people
- Growth in insurance – the
challenges and importance of returning the industry to healthy and
profitable growth
- De-risking pensions – the
closure of defined benefits pensions and resulting pension buyouts,
moving risk from corporate balance sheets to individuals and
insurers
Oliver Wyman has launched this report at the annual WEF meeting
in Davos for the last 17 years.
NOTES TO EDITORS
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With
offices in 50+ cities across 25 countries, Oliver Wyman combines
deep industry knowledge with specialized expertise in strategy,
operations, risk management, and organization transformation. The
firm's 3,000 professionals help clients optimize their business,
improve their operations and risk profile, and accelerate their
organizational performance to seize the most attractive
opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh
& McLennan Companies [NYSE: MMC]. For more information, visit
www.oliverwyman.com. Follow Oliver Wyman on Twitter
@OliverWyman .
Media:Oliver WymanShahla Haque, +44 20 7852
7381shahla.haque@oliverwyman.com
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