Where next for financial services?

For our nation and the financial services sector, COVID-19 accelerated longstanding drivers of change

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As lockdown restrictions begin to ease on the back of the COVID-19 pandemic, the strategic focus within the banking, insurance, superannuation and asset management sectors is shifting from being the initial ‘shock-absorbers’ towards success in a post-crisis world and the role the financial services industry as a whole must play in the Australian economic ‘reboot’.  

As the keeper and allocator of capital, the enabler of savings, investment and commerce, and the transferer of risk, financial services isn’t just another industry; its role in the commercial ecosystem is especially crucial at this moment. The choices that financial service leaders make now will have profound and lasting implications on the future state of the financial services industry, as well as the trajectory of the Australian economic ‘reboot’. 

Areas including digital/workforce transformation, innovation of offer, business model and collaborative operating platforms, will be fundamental for the financial services sector’s ability to reinvigorate Australia’s economic growth and keep pace with rapidly-evolving market expectations and demand. 

Following on from the themes covered in our Australia Rebooted report, download our “Where next for financial services?” report for a deep-dive into current and future industry challenges for financial services and to explore important insights including:

• Understand the nine forces driving change in the Australian economy and financial system and what they mean for the financial services sector

• Explore the trends driving change through a financial services lens and examine the dual role the financial services industry has to play in Australia's economic growth

• Learn how the financial services industry must restore sustainable growth for itself and step up to the challenge and responsibility of shepherding the reboot of Australia’s economy

• Examine current economic impacts on a cross-section of sectors within the economy and what the financial services industry can do to support recovery

Report key findings: Rebooting Australian financial services