OECD economies are viewed as the most important for the sector’s growth in 2017.
This year’s survey responses showed a big shift towards the US as a key market, with over half (54%) judging it to be the most important market outside their home market, vs 39% last year. China (28%), Germany (25%) and the UK (18%) also score highly in 2017.
Lack of trust remains an important obstacle for the sector with 62% of respondent saying it has become more difficult to gain and retain trust in the sector.
Brian Conroy, president of Fidelity International, said that simplification would become imperative to appeal to future generations.
“Over the next 20 years, I think there’ll be a drive to make what has been a complex financial services industry much more simply delivered to clients globally.”
Mark Pugh, UK asset and wealth management leader, at PwC said: “Confidence is high, but the sector is showing signs of being slow to innovate and adapt – particularly to technology and a changing customer base.
“The sector demonstrates a dramatic need to drive technology adoption, global expansion, and recruit new talent.
“Their muted responses to issues on technology show some firms are planning on continuing business as usual and it’s difficult to escape the conclusion that some are at real risk of being swept aside by those already taking action.”
