Insights for the Financial Services and Real Estate Industries in Ireland
Welcome to the second edition of FinSight, a digest of the latest articles, perspectives and market developments from Deloitte professionals and experts within the financial services industry.
We are at a tipping point. As a myriad of data sharing, process automation and cognitive applications become available, those who embrace the next generation of technologies will be a part of the Automation Economy, while those who do not will fall behind.
Rolling out advanced technologies requires both agility in development and the right combination of people, processes and technology. Already there is a war for talent as financial institutions compete with other industries to attract and retain people with the knowledge, skills and capabilities needed to create an AI-enabled workplace. The absence of a long-term talent strategy could be a major speed bump for firms looking to gain a competitive advantage and fully benefit from larger-scale AI opportunities.
In banking, although API initiatives are beginning to gain traction and markets clearly believe that Open Banking is the way forward, the creation of a safe and fully functioning cross-industry data sharing ecosystem remains some way off. More needs to be done to raise consumer awareness and reach scale, even in jurisdictions where Open Banking regulations are already in place.
I am grateful to Bob Contri, our Global Financial Services leader who kindly agreed to share his insights in a special interview in this edition.
In recent months, Irish insurers have been engaging with us on how technology will be a key enabler driving their business forward, both from a cost out and growth perspective. Unlike 18 months ago, when many insurers were having discussions about the need to invest in new technologies, we are now seeing a move to executing with budgets being allocated and programmes being activated. This is very much in line with developments reflected in Deloitte’s latest Insurance Industry Outlook which we report on in this edition.
Analytics is one of the speed bumps facing insurance incumbents. Many existing analytics strategies developed in a piecemeal fashion with the result that a concerted effort, driven by senior leadership, will be required to ignite support for the insight-driven transformation of services, products and operations necessary to achieve alignment across the organisation and find areas in which to gain competitive advantage or innovate services.
Likewise, in risk management, as financial institutions seek strategies to reduce costs without impairing effectiveness, those that embrace advanced technologies will be able to not only automate existing risk management activities but also build in controls and monitoring in a new structure optimised around data and analytics.
This edition also reports on Deloitte’s latest crane survey. Ireland remains an attractive investment location for would-be investors, with the strength of the economy mirrored in strong development activity. However, while the level of commercial development in Dublin is significant when compared to similar cities in the UK, it is off the pace when it comes to homebuilding in the city centre where supply gaps exist in the residential, student accommodation and hotel sectors. I hope you enjoy the articles in this second edition of FinSight and that you find them interesting and thought-provoking.
- Blurring the lines
Creating an Open Banking ecosystem
- Building Momentum
Ireland remains an attractive location for would-be investors
- AI - The next Frontier
Applying cognitive technologies in investment management
- In conversation with Bob Contri
An Interview with Deloitte's Global Financial Services Industry Leader
- Taking to the Cloud
Insurance Industry Outlook 2019
- Rethinking the Three-Line defence
The Future of Risk in Financial Services
- Insurance Analytics
Time to get more satisfaction
- Rise of the Robots
The future of operations