The EY Financial Services Accelerant Framework

In order to understand the factors impacting the rise of accelerating financial services hubs, we explored the drivers of growth of the fastest-growing financial services markets over the past decade.

When looking at the top 10 fastest-growing hubs globally, we identified five common pillars – or growth ”accelerators” – shared by these markets. The EY Financial Services Accelerant Framework serves as a strategic lens through which we have analysed the growth dynamics of Scotland’s financial services sector, benchmarking it against the performance of the ten most rapidly expanding financial markets.

Technological infrastructure and innovation:

A robust and forward-thinking technological ecosystem, characterised by partnership and collaboration between the financial sector and governmental bodies. It underscores the importance of fostering innovation as a cornerstone for competitive differentiation and sectoral advancement.

Cross-border business and trade environment:

The ease of capital flows and the presence of a tax regime that is conducive to international competitiveness are indicative of a market’s openness and its ability to attract and retain global investment. This pillar highlights the necessity of a liberalised trade environment that can serve as a catalyst for cross-border financial activities.

Demographics and labour supply:

A demographic profile skewed towards a working age, university-educated populace, coupled with strategic talent development initiatives, ensures a resilient and skilled labour force. This factor emphasises the significance of human capital as a fundamental asset in sustaining and propelling a financial services sector’s growth trajectory.

Regulatory and legal framework:

Robust legal structures, the absence of prohibitive capital requirements for new business formation and the implementation of balanced labour market policies. This underscores the role of regulation as both a safeguard and a facilitator of sectoral prosperity.

Macroeconomic fundamentals and policy:

The stability of macroeconomic indicators and the presence of sound policy-making that collectively ensure a conducive environment for sectoral growth. This reflects the imperative of economic stability as a bedrock for investor confidence and sustained sectoral expansion.