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Our panel of experts considers what lies ahead for financial services lawyers in 2016.
Chris Finney, partner, Cooley
Caroline Bystrom, professional support lawyer, Taylor Wessing
Chris Ratcliffe, associate, Taylor Wessing
David Troman, head of financial services, PA Consulting Group
A view from the market
What are your predictions for 2016?
David Troman: Rising customer expectations and the emergence of new competitors. While ignoring innovation may get incumbent companies through the next few years, it is not a sustainable business strategy for the longer term. The FinTechs are disrupting traditional approaches in areas such as payments and peer-to-peer lending. The competition is only set to increase as the majority of European FinTech investment comes to London.
Digital will be key to success. Although larger and established banks are using digital technologies to expand their delivery options, they are invariably still burdened by decades-old IT systems. They will need to overcome this in 2016 as FinTechs and challenger banks not only avoid these legacy problems, but often have digital at the core of their business models. This will increasingly give them a competitive advantage and will be a key issue for the industry in 2016.
Utilities are the next step in simplification. In search of efficiencies, financial institutions will have to do what other industries already do and develop utilities that can serve multiple institutions rather than each of them providing every service. Insourcing is also an option, where there is no competitor advantage.
Attracting talent will be a key challenge in 2016 as financial institutions face being side-lined for the tech industry. Financial institutions used to be able to pick the cream of the graduate crop. With the explosion of the tech industry, this is no longer the case. The industry needs to work out how it will attract—and retain—the top talent and compete with the likes of Google, Facebook or even unknown but exciting start-ups.
Legal developments and practical impact
How is 2016 shaping up in terms of important cases and legislative developments?
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