Prediction 1 of 5 for the AUT financial services market & its CEE footprint in light of the global Covid-19 pandemic.

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”

Tobias Schaller
4 min readJan 14, 2021

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Nice that you are visiting my Medium page. Thank you for your interest!

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.

Enjoy the read and if you like, let’s talk!

Tobias Schaller, Founder mosaikProjects
Tobias Schaller; Founder mosaikProjects

mosaikProjects supports companies in getting their strategies ready to execute. Life is full of opportunities — do we keep in touch?

Tobias

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.

Get in touch

mosaikProjects supports clients in getting their strategies ready to execute.

The service portfolio includes orchestration and definition of cornerstones for digital & business transformation, product development, interim management as well as M&A and post-merger integration support.

Paper (respectively the screen) is known to be patient. Let’s talk instead. And find out by phone or in person whether and how mosaikProjects can support YOU to get YOUR strategy ready to execute.

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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.

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Tobias Schaller

Welcome, nice to have you here! I am the founder of mosaikProjects (www.mosaik.pro). We support companies to get their strategies ready to execute.