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All industries and firms today – but especially the financial services industry – are subject to continuous and increasingly radical economic, societal and – most importantly – technological changes. (Mega-)trends such as increasing globalisation and digitalisation, ‘Big Data’, AI, multi-sided platforms, ‘New Work’, or (environmental) sustainability constitute incredible opportunities for some players but pose tremendous challenges to most. An increasing number of business models are being disrupted by new market entrants changing the basis for competition completely. Competitive advantage has become increasingly unsustainable; the pressing question for all firms is how they can remain successful, competitive, and profitable in the long-run.
In this context, today’s asset managers face continued pressures and emerging opportunities: bending the cost curve, seeking new sources of alpha, redefining operating models and increasing returns. Success now demands optimum use of capital spending, data-driven analytics, AI-enhanced insights, and agile, adaptable real-time operations. Two things are essential to successfully manage these challenges and to sustain – or even increase – competitive advantage over others: strategy and innovation.
Strategy is essentially the long-term orientation of a firm – considering market structure and competitive environment including possible strategies of all competitors – to realise and exploit competitive advantages. Strategy is always a hypothesis about the best possible position and set of activities – which will in the future prove to be right or wrong. Innovation is essentially any change of the status quo aimed at increasing competitiveness or profitability. It is the only true means to react to new challenges, to increasingly rapid and radical environmental changes and to an increasingly dynamic competition. It is the most promising way to attain competitive advantage in the first place.
Strategy and innovation lie at the heart of asset managers’ success requiring hard choices and bold moves to shape the future. PwC Luxembourg has decades of experience in advising on a wide range of critical issues impacting your strategy. We are excited to support you in reviewing and developing your strategic options so you can forge a clear path from today’s potential to tomorrow’s promise.
Explore our new "PwC AWM Strategy Viewpoint" – a series of thought leadership articles – to keep you informed about our points of view on the most pressing strategic topics in the Asset and Wealth Management industry.
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