The multiplier effect: The next evolution of innovation in financial services

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The multiplier effect: The next evolution of innovation in financial services

The imperative for coordinated technology deployment in financial services to shape the future

This whitepaper elaborates the potential impact that emerging technologies will have on the financial service industry when they are clustered together and deployed strategically against key business challenges.

The multiplicative impact of emerging technologies

The financial service industry will be transformed by the multiplicative impact of emerging technologies such as AI, distributed ledger technologies, Internet of Things and quantum computing. Financial organizations are challenged to develop powerful innovation strategies taking into account the impact that coordinated, clustered deployments of these technologies could have on the industry. How can the industry ensure beneficial implementation of these technology clusters?

The financial services-specific standpoints of new competences enabled by emerging technologies and the amplification they create when clustered together is elucidated in this report created by Deloitte in collaboration with the World Economic Forum.

 

Three structural technology transformations

The study illustrates sector-specific use cases within six critical sectors - lending and deposits, investment management, payments, insurance, capital markets and market infrastructure – in addition it describes four important ‘pathways’ that could help organizations to develop operational models. Additionally the report provides insights in three structural transformations that will ultimately impact the industry.

Outpace new competitors

Read the client case of a major bank reinvents its lending system in the cloud to outpace new competitors.

View the client case

Perspective from the World Economic Forum and Deloitte

The report shares critical applications of the most relevant emerging technologies in financial services and likely development in their capabilities and adoption over the short and long term, also provides definitions, and detailed
capability descriptions. 

It is not always simple to implement emerging technologies in a coordinated way — but the right partner can help you enhance your investments and develop a powerful innovation strategy. Please contact us to discuss these findings and how they apply to your firm and how to jumpstart your transformation journey.

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