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Miles Walker

Sir Miles Walker CBE

Miles Walker

30 Voices on 2030: What does the future hold?

Looking back on the 2020's we reflect on many changes. The U.K. eventually managed to leave the European Union with a reasonable deal, following which we experienced a short lived change of Government in the adjacent Isle and the inevitable intrusion into our domestic affairs. Recently there has been a period of welcome stability, our Island has managed to retain it's 'low tax' status and so there is still much international scrutiny. Scotland's latest bid for independence has been resisted and the Bureaucrats in Whitehall have made no secret of the fact that they think the Isle of Man should be treated in the same way as other parts of the U.K. which have some delegated Government.

As has been demonstrated in the Isle of Man since the turn of this century international business favours a stable political climate and a community where individuals and their families can live in a safe and interesting environment. It is my very real hope that the Isle of Man can continue as a jurisdiction of this sort.

I believe the success in reaching forward intact from 2020 to 2030 is by being and providing quality - it has to be the watchword in everything we do. Business on the Island will inevitably become more international, assisted by IT in its widest sense, and also much more competitive.

Success will depend on customer focus, delivering a first class service with competitive pricing. You should not forget that competition is only as far away as the nearest Mobile and your business needs to differentiate itself from all the others. Keep your individual personality and do not enter the race to the bottom! Being offshore can be considered detrimental if we allow it. To counteract this, Island business must always offer the best service and great quality. Our Island is a small, smart jurisdiction and we must work with our colleagues to make it the best place in the world to do business with. In this digitalised world the winners will be the ones that still have the human touch and a real person, preferably not in a call centre in India, to contact if required. Customers should not be continually asked the same questions by the same people. Some form of digitalised ID Card should be introduced, preferably on a national or better still on an international basis, which contains all the relevant information for KYC, CDD & etc. The KYC system as we know it in 2020 is subject to ridicule and criticism, it's improvement is paramount for efficiency and customer satisfaction. Keep pressing the Regulators for change and assist them in understanding the need to move forward, after all, just going through the motions and ticking boxes are in the interests of no one.

2030 seems a long way ahead.  It is not and will soon creep up on us. There will be no sudden jump, the years will pass and without doubt change will take place. Success will depend on embracing that change, picking out the good and discarding the bad of which there will be plenty. The most important thing that a C.E.O. has to do now and in the next three years is to ensure the employment of the best possible staff with the right skills and who are committed to the Isle of Man.

In 2030 our customers will be more discerning, they will be concerned about world politics, natural disasters, climate change and other things beyond our control. That is why our service needs to be the very best possible, as long as it is then we shall be successful.