The Isle of Man, like any smaller country, needs a point of difference if it was to compete against larger nations. The culture needs to be dynamic, fleet of foot and is moral. Costs should be low and the ability to trade cross border high.
The island and its companies need to be driven by superior technology, a strong market presence where it / they choose to play, and a good reputation – both as a place to do business and with high perceived trust. The main drivers of change will be technology and governance.
There are now fewer key players: the survivors have scale, great IT, a strong reputation and strategic commitment.
Customers now expect high levels of technological interaction, transparency of product and charges and an ability to make the relationship personal. This applies wherever customers reside. At the HNW level the ability to provide personal and / or human interaction has been a key differentiator. Customers may not want to pay for it though.
The regulatory / governance processes have in many cases become automated and standardised. In 2030, I envisage a central IOM led approach which could be accessed by all businesses.
Voice interaction, AI, Robot relationships and data analytics are now considered to be the absolute minimum. If a company can’t provide instant information across multiple platforms, it is dead.
Cyber threats have increased but so have defence mechanisms – stalemate!
Some back office functions have disappeared, but the cost of technology has plummeted so not everything is outsourced. The data however sits in the cloud. Companies are valued for data, processes and cost, as much as for product and reputation.
The role of regulation has remained the same: to protect the customer, the market and the jurisdiction. Technology has enabled the process, but not necessarily changed the desired outcome.
There is now more automated interaction between regulators and companies but the philosophy has remained the same.