By: Scott Pick, Executive Vice President, JLL
The financial services industry is still in recovery mode. But, despite struggle, JLL’s newly released 2015 Banking and Finance Outlook found “the year-end financials revealed a healthier landscape overall.” Wages in the financial industry have grown faster than average – at 43.5 percent – since 2010, and corporate profits are reaching near record heights.
Maintaining momentum and growth will be critical in 2015.
Luckily, lower oil prices and rising interest rates will play in favor of the financial industry this year. JLL also pointed out three emerging trends that will make a lasting impact. Read on for details, or download the full report.
3 Banking Industry Trends
1. FinTech is innovating the industry. Financial technology, or FinTech, is a label for financial service firms that use technology to enhance products and services.
FinTech transforms traditional banking as we know it. While it’s caused some to cut back on space needs, it’s also opening the door for new opportunities. According to JLL, “…global banks are supporting FinTech lab space with the hopes of tapping into mobile, cloud, analytic, cyber security and regulatory innovations.”
What’s more, the FinTech landscape is exploding. The number of FinTech companies continues to grow—up 26 percent year-over-year. Watch JLL’s video below for what more to expect from FinTech in 2015.