C-suite leaders in financial services share optimism about growth but confidence in tackling external trends drops

• Most (96%) C-suite leaders in financial services reported a positive growth outlook but only 36% were very confident in managing the external trends that have the biggest impact on their business – down 16 points from last year.
• Economic uncertainty (37%), increased competition (35%), energy prices or shortages (33%) and political tension (32%) are the factors most likely to hold back growth for businesses in the financial services sector.
• The top external trends having the biggest impact on businesses are confirmed by leaders as economic factors (37%), energy prices and shortages (31%), the emergence of new technologies (30%) and new or higher regulations (also 30%).
• For leaders in this sector, transforming company IT and technology remains the top strategic priority (41%), followed by new or revised talent strategies (28%), international expansion (27%) and private equity investments (27%).
• A majority of leaders (89%) plan to expand internationally to at least one country or more in the next five years, with the U.S. confirmed as the top destination at the start of the year.
• Three quarters of executives in financial services have dedicated digital transformation strategies, prioritising efficiency and productivity, security, risk management and growth.

C-suite executives in the financial services sector are forecast to fare better than those in other industries following the impact of changes to global trade. At the start of the year, findings from the firm’s annual C-suite barometer showed 96% of leaders report a positive growth outlook. Yet, it also shows confidence in tackling the top external trends has fallen significantly among leaders in this sector, with only 36% confirming they are very confident in being able to manage the big external trends – 16 points lower than in 2024.

The largest drop in confidence of financial services leaders is found in dealing with increased competition (41%, compared to 76% in 2024). Results also show a shift in managing regulatory requirements (28%, compared to 60% in 2024) and the emergence of new technologies (50%, compared to 72% in 2024).

To tackle some of these big trends and external influences, financial services leaders have put transforming company IT and technology (41%) at the top of their strategic priorities. New or revised talent attraction and retention strategies (28%) and international expansion (27%) are also viewed as the potential key to unlocking growth, alongside private equity investments or other alternative funding models (27%).  

Commenting on these findings and the opportunities for financial services executives, Emmanuel Dooseman, Partner and Financial Services Leader, Forvis Mazars Group, said: “While it is understood that issues relating to technology and talent acquisition will remain top priorities for some time, what is becoming clear is that it is more about learning to deal with such challenges than trying to outsmart them. The winners will be those who understand it is not simply about acquiring technology or a lack of new talent but the ability to develop a strategy and workforce to embrace the technology required to stay connected in a complex and global business landscape.” 

Despite economic instability, geopolitical tension and market volatility, businesses in the sector are sticking with their plans to expand internationally. This year, nine in ten organisations (89%) are planning to expand to at least one new country over the next five years, with Germany, China, Canada and the UK all benefiting from being the top destinations targeted, alongside the United States.  

Gregory Marchat, Partner and Financial Services Advisory Leader, Forvis Mazars Group, commented: “With international expansion a top priority for financial services leaders, an evolving U.S. market landscape and rising global geopolitical tensions will require a more careful assessment of expansion plans. In Europe, we have seen an unprecedented number of national elections, which have yet to play out on the political and economic stage. A potential alternative expansion route is looking at individual countries on high growth trajectories. For example, tailoring products to the more commercial needs of rising economic stars, such as India or Mexico, may support a country-by-country approach that overrides regional complexities.” 

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About the study     

The C-suite barometer: outlook 2025 examines the views, challenges and strategic priorities of today’s C-suite leaders around the world. This independent research was conducted between 28 September and 23 October 2024 and captures the views of 1,706 C-suite leaders at for-profit organisations with annual revenues of over $1m across more than 35 countries. Insights from 374 participants in banking, asset management, capital markets and insurance were considered for the development of the barometer’s financial services sector report. 

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