With so many seismic world events having such a major impact in such a short period of time, the future can look uncertain. Brexit, the Trump administration, upcoming French elections, Teresa May’s revelation of a General Election in June; the impact of politics across the board means companies have to re-analyse their plans for the future.
As CFO at Olive, I have an interest in all things fiscal, and when the larger building blocks of the world move, the plans we make for our financial futures have to be revisited and re-assessed.
Even for large companies, the uncertainties of Brexit, the challenges from within and externally of the UK, a potential second Scottish referendum on independence – all these generational events have a significant impact on planning and preparation.
The finance world is subject to constant change, regulation and governance. Technological advancements and an increasingly demanding consumer make the competitive landscape difficult for some to navigate.
There has been much press around Brexit and the financial sector in the UK, some positing that the UK’s larger banks may move some service-centres abroad or even relocate from the UK entirely. In the past these same banks have been troubled and fined millions over poor loan practises, they have lost customers through service failures and a reputed lack of trust and credibility.
As the old guard licks its wounds, we see the rise of a new breed of bank – the challenger banks. More customer-oriented, more agile, more innovative, with different service models and lower costs, challenger banks are set to take advantage of the ramifications of Brexit in the financial markets.
The insurance, pensions and investments markets are seen as the “incredibly dull, but important” category in many consumers’ minds, but even these industries have to embrace a future where innovation and communication come first.
With the UK insurance market employing 314,000 people, and UK insurers managing investments of £1.9 Trillion, or just under 25% of the UK’s total net worth, the pensions and investments landscape in the UK is undergoing significant transformation, and insurers are adapting to deal more effectively with resulting customer queries.
"Brexit - The Survey", commissioned by City PR firm Haggie Partners, said 68.7% of brokers and insurers believe leaving the European Union would "hurt" or "severely damage" Lloyd's of London. Just under 70% of brokers said they sold their services directly into EU countries, with 45.8% adding that further expansion into the EU was a "top priority for development."”"
Business is faced with challenging times ahead, and it will be the businesses more adaptable to change that not just survive, but thrive in the new business environment. Organisations that appeal to consumers, look after them fairly, communicate and service them in their own language, streamline their operating models and use communication tools and response times that customers know and now expect; these are the banks, insurers and financial firms of our future.
Companies with a clear vision about what they want to achieve will gain significant ground over those who resist change. Those who innovate and satisfy their customers are the ones who will continue to prosper both post-Brexit and further into the future. One of the more efficient ways of reacting to customer demand is to be able to listen to them through their channels.
As the world changes, so do the ways companies communicate with their customers. With the opportunities available to businesses large and small in the world of communications, companies within the industry must react to the challenges that all business faces, and respond with clear, focused and simple technologies that build on the existing levels of communication, security and speed.
At Olive we listen to our customers all the time. We understand their need for flexibility and adaptability, and how we can add to their business offer as we all navigate these challenging times. We are adaptive and prepared, able to share our communication technologies to make the most of the future for our customers and their consumers.
For more information contact Olive info@Olive.co.uk