Demographic changes, inadequate personal savings, new pan-European regulation aimed at improving transparency and the rise of technology mean that financial services organisations need to become increasingly focussed on the customer. Customers need to receive the right products at the right time thus enabling the economy to flourish, whilst customers are safe in the knowledge that they are protected.

Technology is driving change across banking, insurance and investment management companies. Customers expect to receive tailored products and access these in the way they want. Improved data and analytics is making this possible and more people than ever have access to financial products.

Regulation has a constant impact on the sector. Whilst driving trust and transparency for customers and government, it also adds to operating costs. The regulators tend to focus on procedures, systems and inputs, not on outcomes. Is regulation starting to stifle product innovation?

Shifts in public policy – such as pension provision – are causing all sectors to think differently, change business models and access new customers. It is not simply a case of responding to individual challenges, but dealing with all challenges in a holistic way whilst also looking to the future. KPMG has the depth of expertise to help clients navigate the landscape to strive towards a prosperous future.