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New forecast for the financial services industry from the World Economic Forum
Innovation will become part of the DNA of the industry
New York, NY, 30 June 2015 – Some of the world’s largest finance sector companies are reviewing their business models following the rapid growth of “fintech” entrants in the sector. That is the main finding of a World Economic Forum report entitled “The Future of Financial Services: How disruptive innovations are reshaping the way financial services are structured, provisioned and consumed,” that is being released today. The report was developed in conjunction with Deloitte Consulting LLP in the U.S., an entity within the Deloitte* network.
The report draws on over one hundred interviews with industry experts and a series of workshops where executives from global financial institutions like UBS, HSBC, Deutsche Bank, Barclays, Visa and MasterCard met with leading global fintech innovators like Zopa, Funding Circle, Transferwise and Ripple to discuss the future of their industry.
“For decades, banks and insurers have employed similar, highly profitable business models. But they realize those models are coming under pressure due to fintech innovations” says R. Jesse McWaters, lead author of the report at the World Economic Forum. “Financial technology companies are deploying online platforms, have small capital bases, and make strategic use of data, to acquire customers and revenues at a fast pace. Banks and insurers noted that, and are contemplating their response.”
With global investments of $12.2 billion in 2014 in the fintech sector, more than threefold compared to 2013, disruption in the financial sector is not a one-time event but rather a continuous pressure to innovate as new entrants lay claim to more and more of the estimated $6.6 trillion on revenues at stake in global retail financial services. “Innovation will shape customer behaviors, business models, and the long-term structure of the financial services industry. Banks and Insurance firms are already starting to see the effect of disruptors, and we believe much more is to come” says Chris Harvey, Deloitte Global Leader, Financial Services.
However, while innovators will force incumbents to change – often to the benefit of the consumer - it doesn’t necessarily mean that the brand names we know will be disappearing. “Many large financial institutions are highly focused on responding to disruption” says Giancarlo Bruno, Head of Financial Services at the World Economic Forum “incumbents are learning from challengers, adapting their offerings and identifying opportunities to collaborate with new players”.
“When we look at the disruptive potential of innovation, we should not only consider the threats, but also the tremendous opportunities to reinvigorate our industry and become more relevant for our customers. Ultimately, the companies that emerge victorious will embrace innovation to build ecosystems, operationalize agility, and ruthlessly attack sources of friction for their customers,” adds Rob Galaski, Banking & Securities Leader, Deloitte Canada.
The report points out key similarities in the strategies being employed by successful disruptors, such as Future Advisor, Lending Club, and others. Marketplace lending platforms like Lending Club – which captured markets attention with a $5.4 billion IPO - threaten banks core deposit and lending functions. Automated wealth advisors like Future Advisor are contributing to the rapidly eroding margins on core wealth advisory services.
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