Article

Future of financial services

Disruption through technology, regulation and consumer choice

March 14, 2019
| Australia, Hong Kong, India +11 more
  • Indonesia
  • Malaysia
  • New Zealand
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Taiwan
  • China
  • Japan
  • South Korea

By Shuchi Tyagi, Practice Leader, Talent Management & Organisational Alignment, Talent & Rewards, Singapore

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.

Technology Regulatory Consumer choice
Icon: Screen with charts Digitalisation and analytics Icon: Anti-money laundering Know your customer Icon: Anti-money laundering Personalised product and services
Icon: Blockchain disruption Blockchain disruption Icon: Anti-money laundering Anti-money laundering Icon: People Changing demographics and spending patterns
Icon: Cloud Cloud based platforms Icon: Personal data security Personal data Icon: Electric circuit Alternative technology platforms
Icon: Electric circuit Artificial intelligence Icon: Currency Cryptocurrency regulations Icon: Hand Service excellence and seamless experience
Icon: Drone Automation and robotics Icon: Network of computers Disintermediation and DAOs (decentralised autonomous organisations) Icon: Hand with money Shared economy
Icon: Signal Internet of things (IoT)        
Risks: Economic uncertainty Cyber security Stricter overall compliance and regulatory requirements

How can financial services companies prepare for change?

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