A quick introduction from our Head of Banking and Insurance, Stanislas Chambourdon
It was well said at the World Economic forum: “Disruption will not be a one-time event; rather, a continuous pressure to innovate that will shape customer behaviours, business models, and the long-term structure of the financial services industry.”
In recent years, numerous new regulations have been introduced with the objectives of harmonising European initiatives and of making the banking industry more stable and robust whilst minimising risks. Looking at the financial impact of MiFID 2, however, some are asking themselves whether these objectives have been achieved in the private banking sector.
A challenging and difficult economic environment has been the backdrop for the financial sector’s full technological transformation and data revolution, which is being done, of course, for the sake of client needs. The big question is whether to be a pioneer, a fast follower, or a skeptical observer. On top of that, banks must keep a close eye on data protection and cyber security.
With significant regulation- and innovation-driven changes in the midst, this edition of Banking Insights features articles and interviews from industry players: information that we hope proves useful in preparing for incoming business impacts and in placing yourself within the all-important digital transformation.
It also features a governmental perspective, with Finance Minister Pierre Gramegna and CSSF Director Claude Marx offering their points of view on Luxembourg’s and Europe’s place in today’s financial environment. We hope you will enjoy reading this latest edition of Banking Insights!