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As many as six in 10 UK Financial Services (FS) workers fear the aftermath of Brexit will be the single biggest challenge the sector has to face over the next 12 months.

The research, compiled by Nuxeo, also revealed the other top 2020 FS industry challenges.

These include:

  • Cybersecurity threats and information or data breaches (36%)
  • Physical branches closing down (26%)
  • The burden of increasing regulation (24%)
  • Competition from Big Tech firms potentially moving into FS (21%)
  • Competition from new challenger banks (20%).

The key challenges for next year identified by UK FS workers are already having an impact on their day-to-day activities now. For example, Brexit with 69%, closely followed by cyber security threat (67%) and increased regulation (67%).

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Chris McLaughlin, chief product and marketing officer at Nuxeo, commented, “In 2020, UK financial services firms will not only have to deal with competitive and operational pressures, but they expect that the regulatory and political landscape will impact them as well.

“The firms that will succeed in this challenging environment will be those who focus on improving the customer experience, delivering innovative, new products and services, and embracing technologies that will modernize their operations in order to make all of this possible.”

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