The banking system in Europe must adopt a new system in order to remain competitive in the market, according to a joint report from PwC Luxembourg and development agency Luxembourg for Finance. Experts suggest adopting the “Amazon” model when it comes to the financial sector which is the shift towards online platforms.
The report suggests that Europe’s banks need to increase capital – to do this, the identification of online platforms that will become dominant are highlighted and suggested for integration. The online interface will become the most prominent way to interact with financial services in the industry, allowing searches, filters and purchases like Amazon. The ease and transparency of this online interaction will heavily impact the financial sector and services.
Overall, banks will need to become an all-in-one provider for clients by combining their own products with online innovation in order to provide the best service.
Experts say that the emphasis on digitalisation will advance by completing the EU’s banking and capital markets union. This is a priority according to the Luxembourg Finance Minister.
In Brexit news, the report argues that although London will be lost from the EU competitiveness, in the long term Brexit will strengthen other European financial hubs such as Amsterdam, Luxembourg and Frankfurt.
Story credit: cnbc.com
80000 - 90000€
Luxembourg, Luxembourg (Canton)
70000 - 90000€
60000 - 75000€
Amsterdam, North Holland
50000 - 80000€
Frankfurt am Main, Hessen
55000 - 65000€