Financial Services Briefing - Issue 1, 2013
Financial Services Briefing — bringing together insights from our global financial services network
It is that time of the year when we focus on expected trends, challenges and opportunities for the next 12 months and beyond.
Reading our recently released banking and insurance global and regional outlooks and the discussions from the Bank Governance Leadership Network and Insurance Governance Leadership Network, one question stands out for me: have we finally reached a new normal?
Two key issues continue to dominate the financial services landscape in the prevailing cost conscious, customer focused environment.
- Changing regulatory environment - this edition of the Briefing contains a number of our latest releases on regulatory issues such as FATCA, Basel III, Solvency II. Of note are Financial regulatory reform: what it means for bank business models and Quarterly Global Regulatory Outlook - Emerging challenges in Asian cross-border banking, which summarises the key themes of a recent visit to Asia by our Global Regulatory Network.
- The technology and innovation imperative - in large part a result of the regulatory agenda, there is an increased emphasis on IT systems, particularly data analytics. Included in this edition of the Briefing are our points of view on breaking the downward spiral of IT complexity, keys to success for core systems modernisation, and related issues such as cybersecurity and information security.
While there are no surprises here, it is clear that financial services organisations that are bold, decisive and nimble will undoubtedly be at a significant competitive advantage in this new normal.
I trust you will find this edition insightful and thought-provoking. If you would like to discuss any of the topics contained in this edition in further detail, please contact me or your local Ernst & Young representative.
Keith Pogson
Managing Partner
Financial Services - Asia-Pacific
Phone: +852 2849 9227
Email: Keith.Pogson@hk.ey.com