Aftermath of Brexit the greatest challenge facing the financial services sector in 2020, according to industry poll

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10th December 2019 12:49 - Financial Services

Aftermath of Brexit the greatest challenge facing the financial services sector in 2020: A survey of UK financial services workers has found that six in ten (61%) believe that the greatest challenge they will face in 2020 will be the aftermath of Britain leaving the EU. 

The poll of 501 financial services workers, commissioned by content services platform, Nuxeo asked financial services workers what their top concerns were for the coming year. 

Cybersecurity threats and data/information breaches were also deemed a challenge by more than a third of respondents polled (36%), as well as physical branches closing (26%) and the burden of increased regulation (24%). Competition from Big Tech firms was also cited by 21% who had concerns over their potential move into financial services, as well as competition from new challenger banks (20%)

When asked if the potential challenges could result in the loss of customers over the coming year, more than half (59%) said they could.  

The survey also asked workers which of their concerns for 2020 were already having an impact as they approach the 2019 year end. Again, 69% said Brexit was having the most impact, followed by the threat of cyber attacks and increased regulation, both cited by more than two thirds (67%). 

When it comes to communicating with staff the concerns held by organisations, 72% said the challenge of increased regulation had been communicated successfully compared to 69% who felt the same about cyber security. 

Four in ten (41%) said their company had not communicated their Brexit plans effectively to them, as well as their fears over Big Tech threats (37%) and threats over challenger banks (36%)

Chris McLaughlin, chief product and marketing officer of Nuxeo  said: 

“In 2020, UK financial services firms will not only have to deal with competitive and operational pressures, but they expect that the regulatory and political landscape will impact them as well.”

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