CEE will continue to be a major market for Austrian financial services players
This is a short version of the article ”5 predictions for the Austrian financial services market and its CEE footprint in light of the global Covid-19 pandemic” and focus on the 1st of 5 predictions “CEE will continue to be a major market for Austrian financial services players”
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2020 was a rollercoaster for all of us, but “Life is a rollercoaster, you just gotta ride it!” Therefore I would like to invite you to have a look into the crystal ball, as it is important to position for the post-covid period.
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The entire article “5 predictions for the Austrian financial services market and its CEE footprint in light of the global Covid-19 pandemic” is available here.
Let’s have a look into the crystal ball
What will the Austrian financial services market look like in the next couple of years? And will today’s major Austrian financial players remain prominent in the future?
So far, the outbreak of Covid-19 truly showed that we are living in a volatile, uncertain, complex and ambiguous (VUCA) world.
What is known is that the global pandemic is acting as an accelerator for global trends:
- Demographic change: population growth, young vs. old countries, old vs. young generations, migration, urbanization, war for talent, etc.
- Digital transformation: data and analytics, automation, connectivity, omnichannel approaches, user and customer experience, accessibility anywhere / anytime, etc.
- Technology and innovation: exponential growth and agility of tech, artificial intelligence, security, adoption in ‘social service’ models, evolution of communication channels, blockchain, Open Banking, etc.
- Sustainability: scarcity of resources, ownership of responsibility, climate change, etc.
Beyond this, we know that it creates opportunities as well as disruptions.
Based on recent market developments and global trends, below are five predictions for how the Austrian financial services market will evolve over the next four to five years[1] and how those predictions are impacted by the global pandemic.
1st of 5 predictions
CEE will continue to be a major market for Austrian financial services players.
a) At the same time, exposure to the CEE countries will remain a major risk.
b) Established Austrian players will continue their digital transformation, including the CEE business.
How is the prediction impacted by the global pandemic?
Austrian financial services players have continued to be very active within the year 2020. We have seen two big acquisitions within the insurance sector by the two major Austrian insurance players. Further, start-ups and scale-ups continued their collaboration with Austrian venture capitalists and incumbents to boost the development of the products and services of tomorrow.
Transformation to adopt from legacy systems, next to pivoting business models, will continue to be one of the most important drivers behind digital and business transformation for established Austrian financial services players.
Entire article
The entire article “5 predictions for the Austrian financial services market and its CEE footprint in light of the global Covid-19 pandemic” is available here.
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About
This is an updated version of the article “Five predictions for the Austrian financial services market and its CEE footprint”, which was initially authored by Tobias Schaller and published with Capco in February 2020.
Since summer 2020, Tobias acts as an independent trusted advisor via his own consultancy mosaikProjects.
The update provides insides based on latest available data and recent market activities and reflects the five predictions in light with the global Covid-19 pandemic throughout 2020.
References
[1] The predictions were initially authored by Tobias Schaller and published with Capco February 2020.
