Deloitte Consulting says that to be successful financial services firms must be bold and undergo a radical change of their strategies and operations.

A shaky global economy and intense competitive pressures will force banks and securities firms to challenge traditional management tactics.

“After weathering a challenging year in 2001, firms are looking to implement those performance improvement measures that are necessary for success in these difficult times,” says Bill Currie, a principal with Deloitte’s Financial Services practice in Toronto.

Deloitte has identified 10 global trends to watch for this year, including: transforming the operating platform after a round of cost cutting; strategic outsourcing and alliances; implementing customer relationship management; creating and exploiting a strong brand; and, exploring the potential of online financial services.