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Barclays’ latest event, run as part of the #IndustryExperts campaign, saw speakers from across the financial services industry explore corporate longevity and the rise of the millennial.
Christian Stadler, Professor of Strategic Management at Warwick Business School, shared his research on the four principles of enduring success. Recent research has shown that the average lifespan of an S&P 500 company has fallen from 60 years in 1960 to just 15 years today.
How can established financial services companies continue to stay relevant in today’s disruptive world? Christian identified four key qualities shared by ‘century champions’ (European companies over 100 years old) and ‘unicorns’ (small, fast-growing entrepreneurial entities worth over US$1bn):
We also heard from Rocky Scopelliti, Telstra’s Global Industry Executive for Financial Services, as he shared his vision of the industry’s future. The demographic known as millennials (broadly aged between 18–34 years) now make up one third of the world’s population. Within ten years, millennials will overtake Generation X (people in their mid-50s) as the primary source of profit for financial institutions, and will remain so for the two decades that follow.
On average, over 70% of millennials use their mobiles to engage with their bank more than once per day. Thus millennials, combined with innovative technology, are becoming key indicators of company performance and disruption.
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