Over half of financial services execs alarmed over intensifying regulatory pressures

Tighter competition is also a key challenge.

Majority of senior executives at Singapore-based financial services firms say that increasing regulatory pressures are a real cause for concern, a survey commissioned by Collinson Group revealed today.

Increasing regulatory pressure was perceived as a key challenge by 57% of respondents. It was the third-biggest cause for concern in the survey, next to increased competition and customer profitability.

The research showed that increased competition and customer profitability are perceived by Singaporean financial services executives as the key challenges for their businesses – voiced by 68% and 61% respectively.

In order to combat these pressures, the majority want to get a better understanding of customer lifetime value and they plan to invest significantly in customer rewards and loyalty initiatives in the coming year.

Over half (52%) believe that improving the customer experience across multiple touch points is a key investment priority for them.

Financial professionals in Singapore are the most intent on understanding and rewarding their customers, compared with the other regions covered by the study, the UK and the UAE.

All responders agree that increased competition and customer profitability are the most concerning challenges