What does future leadership look like in the Financial Services industry?
The Financial Services industry in Australia will be defined by a blend of technological savvy, strategic foresight, and a deep commitment to ethical and sustainable practices.
As the industry continues to undergo rapid digital transformation, leaders need to harness the power of emerging technologies such as artificial intelligence, blockchain, and big data analytics to drive innovation and enhance customer experiences. This technological shift will require leaders who are not only proficient in understanding these tools but also capable of integrating them into the broader strategic vision of their organisations. Furthermore, as the financial services landscape becomes increasingly complex, with heightened regulatory scrutiny and evolving customer expectations, leaders will need to ensure a strong focus on environmental, social, and governance (ESG) factors. This includes transparent reporting on issues such as climate change, social inequality, and responsible governance, all of which are becoming central to the industry’s long-term viability.
Reduced operating costs in banks by 2030
It is predicted that banks worldwide can reduce costs by 22% by 2030 with AI technologies, with potential savings reaching $1 trillion (Autonomous, 2024).
Projected growth increase after a CAGR of 4.0% over the past five years
The Australian finance industry's market size is projected to grow by 4.3% annually over the next five years, driven by the continued digitisation and innovation across financial services sectors (IBISWorld, 2024).
Market share of energy related funds
Energy funds account for 62% of the aggregate capital raised by Australia-focused infrastructure funds closed from 2017 to 2024, up from 39% for funds closed between 2010 and 2016 (Australian Investment Council, 2024).
ESG related grants and initiatives
Australia has ambitious goals related to ESG and has set aside almost $25bn through initiatives, grants, and support outlined in the Powering Australia plan, which focuses on (Australian Investment Council, 2024)
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