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IT
costs came second only to macroeconomic concerns such as the
impact of quantitative easing, according to the survey by global
risk adviser Willis of senior executives at 150 banks, insurers,
reinsurers, asset managers, hedge funds and financial technology
companies worldwide.
"There is a rise of new entrants that are using new technology,"
said Mary O'Connor, global head of Willis' financial
institutions group.
"Banks know they need to respond to that."
Banks and insurers have been seen as slow in responding to new
technology, leaving the door open for newcomers to steal market
share.
Regulation was the third-highest worry, according to the survey,
with the increasingly heavy rulebook prompting people to leave
the sector or move to more lightly-regulated firms.
These could include financial technology firms, or even mobile
phone companies that may not come under financial market
regulation at all, O'Connor said.
The fourth-highest concern was that widespread use of technology
was creating new risks such as cyber crime.
(Reporting by Carolyn Cohn; Editing by Mark Potter)
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