Boyden: Executive Monitor: Financial Services Industry
Boyden finds that as the middle class expands in the developing world, there is increased need for banks and financial services firms in these regions. However, the industry has to grapple with increased regulatory pressures and rapid changes in technology. These new pressures could negatively impact the industry if it does not find a way to innovate and turn risk into growth.
Nearly half of CEOs surveyed said the challenge to find talent is hindering their growth. Firms will therefore have to offer more incentives to draw executives in, especially with competition from other industries, particularly technology. A significant amount of talent that was once drawn to the financial services industry is now flocking to technology, which has less stringent regulation and diverse working arrangements, such as more personal time and the opportunity to work remotely.
Another notable trend challenging the financial services industry is the high turnover of millennials. Millennials tend to see the financial services industry as a stepping stone in their career and do not plan to stay long term.
The full article is published on Boyden’s website. Read the full report.