Taking action in 2024
Global growth in challenging times
Economic growth is slowing globally with rising rates, balance sheet challenges, and ongoing persistent global inflation. The economic impact of rapidly rising rates is creating fundamental shifts not only in financial services firms but across the economic landscape and for consumers, businesses, and governments.
Action: Prepare for divergent and unexpected regional economic impacts and exposures. Build resilient and responsive risk and exposure models backed by extensive data.
The regulatory labyrinth
Regulators are enacting expansive reforms touching capital, competition, data privacy, crypto assets, ESG, and more. Compliance complexity and costs are increasing.
Action: Assess regulatory changes and enhance risk infrastructure and governance capabilities.
The Digital Customer Quandary
Customers want more digital, personalized services, and they are diversifying relationships. Loyalty is declining as new competitive threats emerge.
Action: Use data and digital tools to hyper-personalize offerings, advice, and solutions.
The Technological Tectonic Shift
Technology is enabling new competitive dynamics as cloud, AI/ML, data analytics and other emerging technologies are transforming operations and business models.
Action: Adopt cloud transformation with reduced reliance on legacy infrastructure, and selectively apply emerging technologies to boost efficiencies, insights, and speed.
The talent conundrum
Talent strategies need rethinking for the future. Demand for emerging tech skills is undersupplied while purpose and culture are growing in importance, and workplace dynamics have shifted dramatically.
Action: Reskill employees for the future, emphasize upskilling over hiring, and integrate HR with business strategy. Focus on culture, purpose, and flexibility.
It’s more than just adapting; it’s about creating a future where financial services are not only more efficient and customer-centric but also more resilient and equitable. This evolution requires visionary leadership, a commitment to innovation, and a steadfast focus on creating lasting value for customers and stakeholders.
Are you ready to explore what the future holds? Connect with one of our experts by filling out the form on the next page.
Slalom contributor: Richard Winston
