Operational innovation will help financial services providers remain relevant to consumers in a highly competitive market.
Speaking at the 'pre-ignition' lunch on the first day of the Financial Services Council (FSC) annual conference, FSC chief executive John Brogden cited margin pressures, regulatory reform, fierce competition and efficiency demand as challenging hurdles to overcome over the next 12 months.
Milestone Group chairman and chief executive Geoff Hodge added that increasing complexity in funds businesses is creating risk and inefficiency.
"This requires a fundamental re-think of traditional operating models that are inflexible to the needs of our customers and of a tsunami of regulatory reform," he said.
"Retail and industry funds, asset managers and custodians that embrace client experience as part of their product definition and design will hold a powerful competitive advantage," Hodge said.
Tria Investment Partners managing director Andrew Baker added that business innovation needed to extend beyond delivering a strong product and professionals needed to continue to focus on the changing needs of the client.
