Forging new pathways: The next evolution of innovation in financial services
A perspective from the World Economic Forum and Deloitte
This report explores the multiplicative impacts that emerging technologies will have on the financial services industry when they are clustered together and deployed strategically against key business challenges.
The multiplicative impact of emerging technologies—such as AI, Internet of Things, distributed ledger technologies, and quantum computing—will be transformative to the financial services industry. But financial institutions are grappling to understand the impact that coordinated, clustered deployments of these technologies could have on the industry and develop a powerful innovation strategy accordingly. How can the industry ensure the effective deployment of these technology clusters to reap the benefits?
This report by Deloitte and the World Economic Forum explores the financial services-specific perspectives of new capabilities enabled by emerging technologies and the multiplicative impacts they unlock when clustered together. The study posits sector-specific use cases across six critical sectors—lending & deposits, investment management, payments, insurance, capital markets, and market infrastructure—and describes four key innovation ‘pathways’ that could help institutions architect future operating models. The report also describes the three structural transformations we believe these emerging technology clusters will ultimately drive within the industry:
The report also provides definitions, detailed capability descriptions, and critical applications of the most relevant emerging technologies in financial services and shares likely development in their capabilities and adoption over the short and long term.
Deploying emerging technologies in a coordinated way is not always simple—but the right partner can help you optimize your investments and develop a powerful innovation strategy. Please contact us if you’d like to discuss how these findings apply to your firm and how to jumpstart your transformation journey. Read the full report, Forging new pathways: The next evolution of innovation in financial services on the World Economic Forum webpage.
We hosted a webcast—Dbriefs: The next evolution of innovation in financial services—to discuss an overview of the key findings from the report. You can watch the session recording here by clicking on the ‘view on demand tab’ on the page.