The SCL's annual predictions are among the most visited pages of its web site, and it's time to get them in again. Here's mine, for what it's worth:
"Economic conditions will deteriorate further in the financial services industry. Downward pressure on revenue and the cost of funding, marketing and distributing financial services to consumers and small businesses will force institutions to compete on innovation and service quality. But not being organised to provide either, these incumbents will fail to resist the entry of facilitators that have built trust and loyalty by empowering consumers to get the product that is right for them personally in other retail markets. Banks will be the back office service providers, not the front, for Financial Services 2.0."
Stephen Green, Chairman of HSBC, seemed to acknowledge yesterday that this ball is already rolling.
Should be fun... apart from the bit about deteriorating economic conditions.
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