Banking, investment and insurance: Future trends

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Outsourcing

The current trend for outsourcing of particular ‘back office’ functions (e.g. IT, human resources) within banking is expected to continue. As a result, new jobs may emerge, requiring more specialist skills in niche markets.

Technology

Advances in technology have changed the way the sector operates. These include raising productivity by automating manual tasks and creating new, sophisticated financial instruments. Technology will continue to play a key role and the need for graduates with specialist IT knowledge is expected to increase.

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The changing face of insurance

There has been a large expansion in the services provided by insurance companies, with many of the larger providers now offering services ranging from unit trusts to mortgages. Insurance companies, building societies and banks increasingly find themselves battling for the same financial services markets. In order to survive this trend, in the future it is predicted that there will be few companies or brokers left dealing solely in insurance.

Demographics

With an ageing population, and consequent concern over the continuing pensions gap, pensions, retirement planning and health care insurance are growing areas in the insurance industry.

Emerging markets

The growth and success of emerging markets in Asia will continue to impact upon the sector, bringing greater opportunities for organisations to invest in these markets.

Private equity

Private equity involves investing in potentially high growth companies that are not listed on recognised stock exchanges. In recent decades private equity has developed into a formal industry. The recent growth in this area is expected to continue in the future, although it is not known how long for.