Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
Check out our straightforward definitions of common legal terms.
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Access our unrivalled global news content, business information and analytics solutions
Insurance, risk and compliance intelligence using big data, proprietary linking and advanced analytics.
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Our panel of experts considers what lies ahead for financial services lawyers in 2016.
The experts
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?
Chris Finney:
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234