What is the future of financial services?
The London team recently went to the SWIFT Business Forum London, held on 30 April at The Brewery, to hear the latest perspectives on the future of financial services from some of London’s key industry professionals. The event is now SWIFT’s second biggest after Sibos, SWIFT’s annual conference, attracting over 800 attendees, a record number of delegates for the annual forum. Sir John Gieve, Chairman of VocaLink and former Deputy Governor of the Bank of England, and Mark Garnier, UK MP and member of the Treasury Select Committee were top billing for the event that bought together practitioners from across the financial markets to debate the industry’s hot topics, including regulation, compliance and collaboration.
Whether London can remain the world’s preeminent financial services centre was the hot topic of the day, with Sir John Gieve warning that the UK’s relationship with the European Union would be key in maintaining its dominance in financial services. He predicted that the years ahead may be difficult and less profitable for the banking industry, but if the right decisions are made, there is potentially a great future for London.
With regulation dominating the headlines at the moment, it was no surprise that it was a significant focus at the Forum, and there were several debates on how regulation has previously steered the economy. Experts warned that the financial sector has to be watchful if it wants to retain any say over how its future is shaped by regulation.
SWIFT was keen to express that there is an increased importance in our industry to attract young people, and offering a specially created ‘youth stream’ reminds us of the importance of this community to the future of the industry.
The rich line-up of discussions held among senior market experts on issues affecting the financial industry generated some intense debate and brought new ideas to the fore. We’ll be paying close attention to how the development of the industry and look forward to the continued discussion at Sibos, Dubai in September.
For a summary, wrap-up videos and to download the presentations from the event, visit swift.com.comments powered by Disqus