Skip to main content
Featured Topics
Featured Insights
View All Services
View All Industries
About Us Overview
    • Home
    • The Next Organization

      A Global Study

      On Business Transformation Initiatives in the Financial Services Industry

      In this report, we explore financial services leaders’ perspectives on seven key dimensions of business transformation initiatives – along with their assessment of their organization’s readiness to thrive in “the next economy.” Many financial services leaders are focused on keeping their heads above water and say they need to radically reshape their businesses to ensure readiness to meet the challenges of a complex future. Nearly two-thirds of these leaders acknowledge the need for complete organizational transformation, but a significant proportion believe the current market environment creates challenges to accomplishing business transformation.

      Request a copy of The Next Organization report

      Is Your Business Ready to Thrive in the Next Economy?

      Mayer Brown is committed to helping our clients transform so they are ready for the next economy and can turn critical, complex, and challenging issues into opportunities for growth. We hope you find this study interesting and that it helps you to become The Next Organization – ready to thrive in “the next economy.”
      Jon Van Gorp
      Chair of Mayer Brown

      A Longer-Term Planning Horizon is Needed

      Based on a study of 635 business leaders, we learned that financial services leaders consider transforming their business to be crucial for survival and growth. They believe these transformation initiatives need to be extensive, rapid and long-term. Yet, due to the rapid pace of change and a range of market factors, most do not look beyond 12 months. It is important to shift the focus from “surviving” to “thriving.”

      • 86%

        Financial services firms that have an overall business transformation strategy in place—although most do not look beyond 12 months

      • 65%

        Financial institutions have an AI transformation strategy that only looks a maximum of 12 months ahead

      • 82%

        Investment firms that have net-zero transformation strategies that only look a maximum of 12 months ahead

      Seven Dimensions of Successful Business Transformation

      Respondents agree there are seven key dimensions which are critical to the success of business transformation initiatives. To further understand these seven dimensions, request a copy of The Next Organization.

      • Creative Capital

        80% of financial institutions and 76% of investment firms believe innovative financing solutions (including an increase in private sector credit) will power growth.

      • Geopolitical Agility

        84% of investment firm leaders say geopolitical agility will be critical for an organization’s expansion internationally in the future.

      • New Risk Mindset

        Nearly 80% of financial services organizations believe companies must take a proactive approach to risk management to pre-empt crises.

      • Regulation Anticipation

        Over 70% of financial services organizations highlighted regulatory anticipation and being able to adapt quickly to developments as crucial to transformation success.

      • Sustainability Focus

        77% of investment firms and 69% of financial institutions think leaders must embrace sustainability if they are to thrive in the next economy.

      • Tech Resilience

        77% of investment firms and 69% of financial institutions believe their organization must demonstrate resilience against increasing cyberattacks and keeping ahead of AI developments.

      • Visionary Growth & Leadership

        Nearly 80% of financial services organizations believe visionary leadership will enable companies to grow and outpace competitors in the next economy.

      Lack of Preparedness

      Only 1% of financial institution leaders believe they are making sufficient progress against all seven dimensions. To explore which dimensions are considered by financial services leaders to be priorities, request a copy of The Next Organization report.

      Barriers to Success

      Top potential barriers to business transformation include: a lack of growth opportunities in difficult market conditions, vulnerabilities to cyber-attacks, an increasingly burdensome tax environment, and the cost of transitioning to net zero. Request a copy of The Next Organization report.

      Accelerators

      Potential accelerators of business transformation include the end of cheap money (encouraging a pivot towards new sources of cheap capital), increased stakeholder activism, unpredictable regulatory environment, geopolitical turbulence, and M&A as a way to advance AI capabilities. Request a copy of The Next Organization report.

      An Under-Utilized Resource: Legal Teams

      Financial services executives consider general counsel and their legal teams to be important strategic resources for helping to accomplish business transformation goals – with nearly two-thirds agreeing with this. Yet, they note that there is a gap in the actual usage of these resources, as only 13% of financial institution leaders say that they “nearly always” seek advice from their legal teams to implement strategy and pursue growth opportunities. To learn more about this conundrum, download the report. To discuss the report in further detail, please contact nextorganization@mayerbrown.com.

      Is Your Business Ready to Thrive in The Next Economy?

      Request A Copy

      Follow us

      © 2024 Mayer Brown

       

       

      Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the “Mayer Brown Practices”). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC (“PKWN”) is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website.

      “Mayer Brown” and the Mayer Brown logo are trademarks of Mayer Brown.

      Attorney Advertising. Prior results do not guarantee a similar outcome.