The Future of Financial Services

We are now at the beginning of a fourth industrial revolution driven by technology that will transform the way we work and live. We believe in the coming years more jobs in financial institutions are at ‘high risk’ of automation than any other skilled industry. Financial institutions are and will continue to be top targets of cyberattacks, and fintech continues its powerful disruption of the industry; now supplemented by insurtech and regtech. All of these developments meet at the intersection of people and technology.

In this rapidly changing environment, financial institutions will have to adapt to a new future where lines will be blurred across sectors and industries and work will be deconstructed.

Also of interest

1. Game on: the potential for gamification in asset management

   By David Bird, Head of Proposition Development, LifeSight, Willis Towers Watson

   Mixed perceptions of the 'Me Me Me Generation' also include their finances. Millennials are saving but for different reasons than their parents. Read the article

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2. The future of leadership

   By Stephanie Rudbeck and Hannah Mullaney, Managing Consultant, Saville Assessment

   The job of a leader is changing. How do we best identify the leaders of the future? Read the article

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3. The future of wellness programmes

   By Rebekah Haymes, Senior Consultant and Gaby Joyner, Director, Willis Towers Watson

   The workplace is evolving, accelerated by technology, and wellness initiatives need to keep up: what was good a few years ago is no longer sufficient. Read the article

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4. Cyber risk: it's a people problem, too

   By Adeola Adele, Director, Integrated Solutions & Thought Leadership, Global Cyber Risk and Michael O'Connell Head of Financial Institutions Group, North America, Willis Towers Watson

   It is estimated that the global cost of cybercrime will reach US$6 trillion annually by 2021 and it's time to acknowledge that cyber is a people problem too. Read the article

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5. How insurtech could alter the foundations of risk: capital matching

   By Andrew Newman, President, Global Head of Casualty & CEO Alternative Strategies and Andrew Johnston, Global Insurtech Research and Outreach Lead, WillisRe

   Growth in the insurtech space is not slowing down; in fact, Q2 2017 represents the single highest insurtech funding volume of any quarter. Read the article

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6. Technology risk in insurance: why carriers can't stay stationary for long

   By Geoff Werner, Telematics Global Product Leader, Willis Towers Watson

   Few sectors of the insurance industry have been more broadly exposed to technological risks and opportunities in recent years than the motor insurance market. Read the article

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7. Regulators are getting 'up close and personal' – with everyone

   By Francis Kean, Executive Director, Finex, Willis Towers Watson

   Following criticism of their ineffectiveness during the financial crisis, regulators have switched to establishing the personal accountability of individuals – at all levels Read the article

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8. The future of jobs within investment management

   By Jim Ward, Senior Consultant, Global Financial Services, Talent & Rewards, and Greg Kuczaj, Director Willis Towers Watson

   The increase in non-traditional investments have increased the expertise needed in the investment management industry as well as risk and compliance oversight. Read the article

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9. A day in 2040: where blockchain could take us

   By Richard Magrann-Wells, Fintech Leader, Financial Institutions Group, Willis Towers Watson

   Blockchain is more than science fiction. While you may not need to understand the mechanics behind this surprising technology, you need to understand that it is likely to drastically change our lives over the next 20 years. Read the article

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