Could online shopping, ride-sharing, peer-to-peer and other technology platforms be answers to our financial services needs in the future?
Financial services sector is facing disruption like never before. Willis Towers Watson conducted a research that showed that up to 54% of jobs may be disrupted in the financial services over the next 20 years. There are three mega trends responsible for this change: technology, regulations and consumer choice.
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Technology | Regulatory | Consumer choice | ||||
---|---|---|---|---|---|---|
Digitalisation and analytics | Know your customer | Personalised product and services | ||||
Blockchain disruption | Anti-money laundering | Changing demographics and spending patterns | ||||
Cloud based platforms | Personal data | Alternative technology platforms | ||||
Artificial intelligence | Cryptocurrency regulations | Service excellence and seamless experience | ||||
Automation and robotics | Disintermediation and DAOs (decentralised autonomous organisations) | Shared economy | ||||
Internet of things (IoT) | ||||||
Risks: | Economic uncertainty | Cyber security | Stricter overall compliance and regulatory requirements |
How can financial services companies prepare for change?