Scotland's financial services will 'adapt and innovate' to survive

Scotland's financial services sector has to be humble, adaptable and innovative in order maintain its position on the global stage, according to Scottish Financial Enterprise (SFE).

The downbeat message at this year's SFE annual dinner stands in stark contrast to the jubilance of 2007, when the organisation pointed to continuing growth and resilience in the face of global market fluctuations.

Now, with Scotland's two largest banks in precarious positions, the message was one of what to do to survive. Much was made of the fact that skills at the heart of Scotland's financial services sector remain key to future plans.

John Campbell, chairman of the SFE, said: "The reasons for our international standing as a centre for financial services excellence have not gone away. Our skills, our people, our creativity, our professionalism - all of these will adapt to the new environment and help us focus all our energy in support of our customers."

This year, the SFE has been promoting Scotland's financial services prowess in locations such as Japan in a bid to attract more international investment. The likes of Morgan Stanley, BNP Paribas and JPMorgan have been persuaded to set up north of the border in recent years.

Owen Kelly, chief executive of the SFE, focused on how Scotland's financial services sector must adapt to maintain this inward investment, and accompanying job creation.

He said: "Scotland must continue to compete on the global stage, and innovation - bringing better customer services and products - is vital."