Luxembourg is recognised as a leading global financial centre and will continue to strengthen this position through a focus on the customer perspective. This will manifest through four critical themes: internationalisation, innovation, sustainability, and talent.
Despite global challenges, Luxembourg’s economy continues to remain stable and resilient, and GDP growth stands well above the EU average. For this reason, the maintenance and growth of its competitive strengths are critical to the economy.
To understand future critical trends, Deloitte Luxembourg, on behalf of Luxembourg for Finance, conducted a survey on “The future of the Luxembourg financial services industry” and ran open-ended, remote interviews with market players. This analysis saw the rise of an unanimous view: it is critical that Luxembourg’s financial industry continues to develop an enhanced client-focused perspective in order to maintain and mature its competitive positioning.
Key drivers
The key drivers for growth that emerged encompass these four themes:
- Internationalisation: Luxembourg’s FSI must continue to emerge as a cross border centre of excellence worldwide to attract more international investors;
- Innovation: Technology must push the innovation of products, services, and models, becoming a core pillar of the financial services’ strategy, not just an enabler;
- Sustainability: Luxembourg’s FSI must strengthen its position as the global hub for sustainable and impact investing with integration of purpose driven models; and Luxembourg’s attractiveness for specialised skills and cross-border expertise must increase thanks to a focus on the human aspect.
- Talent: Luxembourg’s attractiveness for specialised skills and cross-border expertise must increase thanks to a focus on the human aspect.
Nicolas Mackel, CEO of Luxembourg for Finance, said: “Luxembourg will aim to continue playing out its main strength as a competence centre for multi-jurisdictional financial services. Since the global financial crisis, we have successfully managed the shift from mostly back-office functions, towards more middle- and front-office facing activities.”
