THE NUMBER of financial services institutions may shrink by 75 per cent over the next five to 10 years, according to a strategic study by PricewaterhouseCoopers, the world's largest professional services organisation.
"This is one of many changes we can expect as this industry is significantly transformed around the world. There will be many fewer financial institutions, many new players and much greater competition from non-financial services companies," according to Rocco Maggiotto, global financial services industry leader at PricewaterhouseCoopers.
"The great enabler of this transformation will be e-business allowing a much more customer-centric industry to ...