Six in 10 UK Financial Services Workers Fear the Aftermath of Brexit is the Sector’s Biggest Challenge for 2020

Six in 10 UK Financial Services Workers Fear the Aftermath of Brexit is the Sector’s Biggest Challenge for 2020
10.12.2019 09:23 am

Six in 10 UK Financial Services Workers Fear the Aftermath of Brexit is the Sector’s Biggest Challenge for 2020

Asset Management
Six in 10 UK Financial Services (FS) workers fear the aftermath of Brexit will be the single biggest challenge the sector has to face over the next 12 months, according to new research from Content Services firm Nuxeo published today. Other top 2020 FS industry challenges that emerged from the study included: cybersecurity threats and information or data breaches (36%); physical branches closing down (26%); the burden of increasing regulation (24%); competition from Big Tech firms potentially moving into FS (21%), and competition from new challenger banks (20%). 59% of FS workers in the study felt that these challenges left their organisation vulnerable to losing customers over the next 12 months. “In 2020, UK financial services firms will not only have to deal with competitive and operational pressures, but they expect that the regulatory and political landscape will impact them as well,” said Chris McLaughlin, chief product and marketing officer, Nuxeo. “The firms that will succeed in this challenging environment will be those who focus on improving the customer experience, delivering innovative, new products and services, and embracing technologies that will modernize their operations in order to make all of this possible.” The key challenges for 2020 identified by UK FS workers are already having an impact on their day-to-day activities as 2019 draws to a close. Brexit is the most impactful, with 69%, closely followed by the cyber security threat (67%) and increased regulation (67%). With so many challenges causing such an impact on FS and the people that work in the sector, it would suggest that banks and other FS firms need to address this with their staff. Yet the research findings show there have been differing levels of communication, depending on the specific challenge. The challenge of increased regulation has been communicated successfully to 72% of respondents, while 69% say the same about the cybersecurity threat. Yet 41% say their organisation has not communicated well about its Brexit plans, 37% about the threat from Big Tech Firms and 36% about the threat from challenger brands.

Related News

Maitland Grows London Business Development Team to Meet Increasing Demand from European Asset Managers

 Maitland, the global advisory, family office and fund administration firm, has today announced two new hires as part of its continued growth across Europe. Natasha Head and... Read more »

SIX Acquires Stake in Securities Token Issuer Daura

SIX has acquired a stake in token securities issuer daura as it prepares for the live launch next year of its digital asset exchange SDX.

SIX, Swisscom, Sygnum Bank and... Read more »

Integral FX ADV down 6.6% MoM in November

Integral, the technology partner trusted by leading banks, brokers, and asset managers to help them outperform their competition in the foreign exchange market, reported today... Read more »

CryptoCompare to Offer Institutional Clients Digital Asset Data via BT Radianz Cloud

CryptoCompare, the global leader in digital asset data, today announced the availability of a suite of digital asset data products in the BT Radianz Cloud, one of the world’s... Read more »

OKEx Named Top 10 Exchange in CryptoCompare’s Latest Exchange Benchmark Report

OKEx (www.okex.com), the world’s largest digital asset futures exchange,... Read more »

Natixis Investment Managers Chooses ALPIMA For Web-Based Portfolio Design Within Solutions Business

Natixis Investment Managers, one of the world’s leading asset management firms, has selected ALPIMA for web-based portfolio design, optimisation and visualisation within its... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel