Financial service begins to consider future options and possibilities

Chris Cooper, MCA President, and Chief Executive of Challenge Consulting is optimistic about the consulting market – despite working in one of its more challenging environments, board-level advisory to Financial Services and Banking.

“Sentimental factors in the economy are now much more positive. Actuals are also more positive: UK GDP has increased and most of the ground that was lost since 2008 has been regained. Consumers and businesses are gradually feeling more confident about spending money. And that’s all positive and is positively impacting consulting.”

“But life in the ‘new normal remains somewhat unpredictable in these early days of recovery.” Financial services, though a considerable source of consulting revenues since 2008, has only just started to scan the horizon and consider future options and possibilities. “Much of the activity in Financial Services has been focused on immediate demands: regulatory, compliance, relations with government, stress testing. Just when they start to breathe out, the sector hits the front page again and there’s another round of banker bashing.”

Nevertheless, Chris believes that confidence in the sector is improving in general and that the Digital transformation has already begun. “Digital is already a significant theme in the financial services space and will become increasingly prominent. This is positive effect for consultants.

“Challenge Consulting specialises in formulating and mobilising change. Digital is already a theme for us in our work in Financial Services, particularly as we help our clients work out how to change what they do as a result.”