People are still the most important part of financial services, according to attendees at NeMa Europe in Athens.
When asked what they regard as the most important competitive differentiator for a sub-custodian, 38.5 percent of the audience selected people, with the next most popular answer being the regional or global network on offer, which received 15.6 percent of the vote.
Financial strength was also a factor, with 15.1 percent of attendees citing this, while appetite for innovation also got a look-in with 9.9 percent of people choosing it.
One panellist pointed out: “Ultimately, people are going to drive those other elements.”
He added that the need for quality personnel in an institution is not going to go away, and that the right answer could be to holistically address all other components of the business as equally important.
Another speaker in the session added that, in a business based on balance sheets, “if you don’t have the right people, there is not much you can do”.
He stressed, however, that with imperfect solutions, good staff members could still ensure the survival of a company.
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