- 96% believe that the industry could benefit from greater regulatory and industry body leadership
- 71% believe that the financial services industry has made progress towards improving standards by adopting best practices but that there is still room for improvement
ISITC (The International Securities Association for Institutional Trade Communication), the industry trade group focused on standards in transaction processing and related communications, today announced the results from its annual member survey which polled perspectives on financial services industry progress. Results revealed that while progress has been made, the industry could benefit from greater leadership.
The 2013 annual member survey polled nearly 100 ISITC members from leading broker/dealers, investment managers, custodians and associate constituencies across North America on issues ranging from industry improvement to business priorities to leadership. Findings revealed a call for industry action with 96% of the respondents believing that the industry could benefit from greater regulatory and industry body leadership. Leadership is the primary topic at the upcoming 19th Annual Industry Forum and Vendor Show where the theme is ‘Leader of the Pack: The Next Generation in Financial Services.’
Survey results showed that:
- The financial services industry has made progress towards improving standards by adopting best practices – 71% of respondents agreed that improvement has been made, but that there is still work to be done.
- 74% stated that the industry has improved its infrastructure and processes post-crisis.
- When asked if the industry is heading in the right direction in terms of growth, transparency and client satisfaction, 46% agreed that it was. 18% did not.
- 44% believe that regulation has had the greatest impact on operational risk management, while 33% believe that regulation will have the greatest impact on reporting and internal procedures for compliance.
“ISITC is keen to capture the insight and ideas of our members on the important issues facing financial firms today. Our annual member survey has revealed that although the industry has made progress towards improving standards, there is still room for development and stronger leadership,” comments Jan E. Snitzer, Chair of ISITC. “ISITC is comprised of leaders. Our members donate countless hours and make strong efforts to bring the much-needed efficiencies and standards the financial services industry vitally needs to be positioned for the future. We look forward to discussing these survey results and other topics at our upcoming industry forum and hearing from all of our constituents.”