EY Financial Services Briefing 2014 Issue 2

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Welcome to Financial Services Briefing. The new financial year has seen the release of the Financial System Inquiry Interim Report, a significant milestone for the sector. Financial institutions now have a window of opportunity to put forward their views in response to specific issues and questions outlined in the report.

Key themes in the report relate to competition, stability and confidence, financial advice, superannuation, and retirement incomes. Industry involvement at this point is paramount. The next round of submissions will help shape and influence the Inquiry’s final recommendations including key strategic, product and service, risk, and compliance impacts.

Risk and regulation also remain high on the agenda, with many of our clients seeking advice with questions around risk strategy, risk culture, risk operating models and conduct risk. And data analytics and cybersecurity is an almost universal area of interest, as financial services organizations right around the globe grapple with the opportunities and risks presented by our increasingly digital world.

Key insights in this edition:

  • Wealth platforms: how should Asia’s wealth and asset managers respond to a global phenomenon? Next generation investment platforms are influencing buying behaviors in traditional Asian markets, and this presents substantial opportunities and risks for Asia’s wealth and asset managers.
  • Banking in emerging markets: our recent research shows that tougher regulation, intensifying competition and increasing costs are the top three challenges as banks seek to weather the volatility inherent in these markets and seize the opportunity for growth.
  • Mobile technology in insurance: as insurers embrace mobile technology, what are the benchmark parameters to measure the impact of mobility?

We hope you’ll find the Financial Services Briefing insightful, and that with this edition we bring new light to some of the issues that may be impacting your business. If you would like to discuss any of the topics contained in this edition, or would like to provide your feedback on this publication, please don’t hesitate to contact me or your local EY representative.

Very best regards,

Tony Johnson, EY Managing Partner, Financial Services, Asia-Pacific Tony Johnson
Managing Partner
Financial Services
Andrew Price, EY Managing Partner, Financial Services, Oceania Andrew Price
Managing Partner
Financial Services