The future of value transfer

The creation, capture and transfer of value is increasingly, and irreversibly occuring in a multitude of digital forms. When you add to that the value driven by digital presence, the move from customer centricity to empowerment and the exponential pace of change in technology – the future of value transfer will have a profound and lasting effect on the future of financial services.

The Future of Value Transfer: Trust and Identity

While digitalization is helping eradicate friction in many aspects of financial services, it is also potentially making it hard to maintain the levels of trust that participants have grown to expect, and the industry has strived to develop. In future value webs, where financial services will be increasingly decentralized, trust will need to be cultivated in real-time.

We believe that digital identities will move from a static to a fluid concept, and will be attributed not only to individuals, but also to virtually all goods and services, effectively connecting the physical and virtual worlds and capturing the value of nearly all consumer choices.

In this paper from Deloitte Asia Pacific, we explore how this shift will impact financial institutions, regulators and consumers, and consider how financial services might be reshaped when trust and empowerment support the simultaneous creation, capture, and transfer of value within a global value web.

The Future of Value Transfer: Empowering Financial Services

Digital currencies, crypto, stable coins, fungible and non-fungible tokens are just some of the ways that the very fabric of commercial and social transactions is being transformed. But that is just the beginning – in a world where we increasingly see the creation and representation of value in digital form, we believe that the future of value transfer will encompass the exchange of value derived from customer activity, in addition to digital representations of currencies, real and digital assets, fractions of assets, and entitlements to those assets.

Creating value from data ownership will be subsumed by the immensely more valuable concept of data access – value will not be about who has the data but rather about who can get the data.  Customers will look to combine the value of their digital presence with their other digital stores of value and will ultimately demand to be empowered to create and capture value from their choices.  Success in the new world will go to those that best empower and enable the simultaneous creation, capture, and transferability of value – in any, and all, digital forms.

The future of value transfer will foster a change in mindset from market taking to market making—from seeking market share by meeting current needs to creating a world of new opportunity by redefining what future wants are going to be.

Looking forward we will be exploring more aspects of the future of value transfer in a series of upcoming articles and discussions along six key dimensions: inclusion, trust, responsibility, sustainability, platforms, and identities.

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