Financial services in Deloitte in Scotland
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With the end of the financial year upon us, now is a good time to reflect on Scotland’s economic performance over the last twelve months and perhaps more importantly, consider the challenges that lie ahead.
Now, I’m going to try and get through this blog without the phrase ‘Data is the new oil’. Every conference with any link to data science and financial services will have at least one speaker (if not more) that will utter these words to try and express the true value now being placed on data.
With DataFest 18 coming up and Deloitte’s team organising our second Datathon in the Edinburgh office, I’ve been thinking about how I went from being a casual competition-goer to a consultant in the firm. To quote one of our directors, I’ve gone “from Datathon to Deloitte” – a journey I didn’t necessarily expect to go through one year ago.
Artificial intelligence (AI): it’s a phrase appearing in the news and in our everyday lives more and more these days. Although there may be some truth behind the eye-catching headlines on AI and robots taking thousands of jobs, it’s unlikely to be as dramatic as it sounds.
Seldom has so much happened in the space of 12 months. In the last year, we’ve witnessed a great deal of change, not only in terms of technology, politics and economics; but in many other walks of life too.
For Deloitte, it has also been a truly transformational period. Our firm has grown at its fastest pace for a decade, increasing turnover by 13.6% and breaching £3 billion across the UK Group for the first time.
In this instalment of “a day in the life of…” we speak to Kent Mackenzie, a Director in Deloitte’s Risk Advisory practice. There may not be such a thing as a “typical” day in his life with the Firm, but most mornings start with some time with the kids and a good cup of tea...
On a cold winter’s morning in December last year, Bela from The Infinite Kind and I sat down and started to plan the next FinTech Hackathon in Edinburgh.
I suggested we host in the Deloitte office…now for those of you that have been here you will know that it is a beautiful, gleaming, space that we spend time with our clients in…all very civilised…and in my mind perfect to invite and help 50+ ‘hackers’ to run riot and create new applications for the changing world of Finance!
It’s an unsettling time for banks. Their public standing has not yet fully recovered from the financial crisis and they remain under intense regulatory scrutiny in a number of areas including capital levels, liquidity, structure, governance and conduct.
And now, our latest Talent in Banking survey shows the rivalry for the best talent is heating up, with innovative tech giants and a growing financial technology (‘fintech’) industry providing stiff competition.
Three regulatory trends stood out in 2015. Firstly, the political mood changed: the European Union (EU) shifted its agenda towards jobs and growth and the “tone from the top” of the UK’s regulatory authorities shifted considerably.
Progress was also slow in completing the extensive reforms proposed in the wake of 2008’s financial crisis. Lastly, there has also been more emphasis on taking a system-wide approach, questioning the cumulative impact of all of these reforms.
That’s a lot of change for one year, and there’s evidence we’re going to see more in the next 12 months.
The festive period is a time of reflection. And looking back over the last 12 months, I can safely say 2015 was a big year for Deloitte and for me.
This will be my first Christmas as Senior Partner for Deloitte in Scotland and Northern Ireland; a role I’m honoured to hold. I’ve inherited a fantastic team, which has helped make the transition that bit easier, and I’ve been inspired by the brilliant clients the firm gets to work with every day.