Credit insurance specialist Allianz Trade now expects global insolvencies to increase by 21% in 2023. What is also certain is that regulators will be more attentive to the signs of more instability in the financial services sector. (Credit: Antonio/Adobe Stock)
Recent years have seen the financial services industry have to deal with the unprecedented levels of uncertainty caused by COVID-19. Banks, asset managers, insurers and capital markets, together with other financial services organizations around the globe, all played their part in helping to weather the storm.
Still, many clouds remain on the horizon. Financial services companies are not immune to the challenges facing other sectors such as geopolitical tensions, the war in Ukraine, inflation and the hike in interest rates, supply chain disruptions, potential recession, the heightened cyber risk landscape and the growing competition from Big Tech companies providing more financial services.
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