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Three trends will dominate and disrupt European financial services over the next five years, according to a new report by PwC and Luxembourg for Finance, the development agency for the country’s financial centre.
1. “Amazonisation” and the shift in power to consumers driven by online platforms
2. The mainstreaming of sustainable finance underpinned by millennial preferences
3. The multi-polarisation of Europe’s financial centres due to Brexit
The report urges Europe’s banks, asset and wealth managers, payment service providers and insurers – which as an industry have lost significant ground to Asian and US rivals since the global financial crisis – to proactively embrace these trends and the underlying factors driving them, and to invest beyond...
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