“Oh no, the economy’s going to pot… again!” is what many of you may be thinking at the moment, and you have good reason given the current state of alarm hovering over the global economic climate.
There’s a surfeit of financial ‘crises’ sparking across the different markets at the moment that have many economists running around like headless chickens. But what’s triggered it all? To put it simply, a concoction of China’s market slump, concerns around US growth, and a devastating fall in demand for oil, is making the global economy extremely volatile.
It goes without saying that the US and China are the biggest dominoes in the pack and when they start to wobble the rest of the world can expect to feel the tremors. But on top of all this, the UK is currently facing its own political and economic headwind. The Bank of England’s decision yesterday to hold interest rates and cut its GDP growth forecasts are signs of a struggling economy. These factors, combined with the possibility of the ‘Brexit’, mean the outlook for the UK is currently uncertain.
But fear not, it’s not all doom and financial gloom. Amidst the economic turmoil, there was news this week of unexpected growth in the UK’s service sector. This sector contributes nearly 80% of the UK’s GDP, and a significant proportion of this is made up by the financial services industry.
Financial services organisations, broadly speaking, are businesses that manage money, including banks, insurance companies, stockbrokers, accountancies and credit card companies.
Recent research has revealed that almost half (45%) of financial services firms saw business volumes increase in the three months to December last year, and growth is set to continue in 2016.
At Stand Agency we work with the UK’s biggest foreign exchange specialist, moneycorp, as well as a number of leading mortgage brokers across the country. We know a great financial services company is not just about numbers, it’s about changing and improving the way we access and manage our money.
We have our ears firmly to the ground when it comes to financial services and, with the rise of FinTech and other market innovations, 2016 is set to be a big year for the sector.
We’re always on the lookout for brands looking to challenge the status quo and shake things up for the better, and now is the perfect opportunity for financial services companies to step up to the plate and lead the way.