Global Bank Review 2025
Innovating amid turbulence
Read the report
27 ene 2026
Insight
Global
The 2020s have been unusual from the get-go, with a global pandemic at the start of a decade which so far has been marked by unprecedented geopolitical uncertainty and technological advances.
By the midpoint of the decade, we were ‘learning to live with’ the uncertainty and instability – in our Global FSR Outlook 2025, we considered the gamut of challenges facing the industry over the coming years and discussed potential industry and regulatory responses.
From our vantage point at the turn of the year, we can see that the topics in our 2025 Outlook remain very much part of the current landscape. We did a stock take at the end of 2025, highlighting where our predictions for the year had rung true and cataloguing some of the developments which had occurred. Our global FSR practice will continue to comment on those topics – including changing regulatory approaches and new technologies (and many more) – throughout 2026 and beyond.
For our Global FSR Outlook 2026, however, we decided to take a different approach from previous editions and focus on the human element.
From a lay perspective, in the last few years, technology – in particular AI – appears to have advanced in leaps and bounds while also becoming increasingly central to day-to-day life. Questions like, 'Will technology… or robots… or AI… replace me?' became part of the dialogue for those working in many industries, including financial services.
With the operating environment in almost constant flux, our Global FSR Outlook for 2026 focuses on the roles and responsibilities of those working in financial services firms. The 'human in the loop' is an expression we are well familiar with in the AI context – in the articles that follow, we look more broadly at the critical, and evolving, role of individuals in regulated firms.
Jenny Stainsby
Global Head – Financial Services Regulatory, London
Until only recently, policymakers and regulators remained quite cautious about technology-led innovation in financial services – whether that was cloud computing, robo-advisors, or cryptocurrency. But, as governments' global growth and competitiveness agendas took hold, that initial trepidation has evolved into more proactive and positive approaches to the technology in many jurisdictions. In parallel, for those working in the industry, the question shifted from 'Will technology replace me?' to 'How will technology change my job?' Our Global FSR Outlook 2026 therefore presents three articles which consider different aspects of how technology is changing jobs in financial services firms.
Our authors pivot away from the initial, somewhat existential, concern to providing perspectives on decision-making, culture and leadership in financial services firms. Simply put, as we face into 2026, we look at what the changing world means for individuals working in the financial services sector and the regulatory challenges it poses for them in practice. We ask:
- As managers seek to take decisions which leverage technology, what steps are needed to ensure that financial services regulatory requirements and supervisory expectations are met?
- How can individual accountability regimes and supervisory approaches evolve in response to the changes which technological developments are introducing in financial services?
- Against a backdrop of increasing automation, how can financial services firms maintain a culture which makes an important contribution to managing regulatory risk?
The Global FSR Outlook 2026 concludes with our 'top 5' financial services regulatory developments anticipated this year, by jurisdiction. But we start with a short piece on AI in financial services.
Chapters
- Global FSR Outlook 2026: The Human Element
- About AI in financial services
- Decision-making in modern financial services – Using tech while staying within the lines
- Diffused accountability – Is recalibration overdue?
- Cultures reshaped by automation – Where is the human in the loop?
- Top 5 – What's in store for financial services in 2026?
Related blogs
Legal Notice
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills Kramer 2026
Stay in the know
We’ll send you the latest insights and briefings tailored to your needs
Subscribe now