Cleared for takeoff
Five megatrends that will change financial services
This report identifies the clusters of innovation that are affecting business in the financial services industry: Primary accounts, payments, capital markets, investment management and insurance.
Deloitte worked with the World Economic Forum to conduct a large study about the future of financial services. Our purpose was to understand how disruptive innovations were reshaping the business of financial services as it exists today.
What we discovered was that innovation is occurring in clusters. These clusters at first seemed pretty isolated, but then we noticed some commonalities. For one thing, the most visible innovations are platform-based, data intensive and capital light. They also cross competitive lines. Any one of the innovation clusters has major implications, not just for incumbents and their customers, but for the overall financial services ecosystem as well.
In this article, we look at how clusters of innovation are affecting business in primary accounts, payments, capital markets, investment management and insurance. Then, taking what we know now and assuming certain conditions, we examine different ways those innovations could play out.
The Future of Financial Services: How disruptive innovations are reshaping the way financial services are structured, provisioned and consumed
A report from the World Economic Forum in collaboration with Deloitte
Rapidly advancing technologies, evolving customer expectations and a changing regulatory landscape are opening doors to disruptive innovation in financial services. From crypto-currencies to big data to peer-to-peer lending, fintech innovations have captured the attention and imagination of customers, investors and incumbents.
However, the nature and extent of the impact that these innovations will have on the financial services industry remains unclear. This document captures the results of a series of multi-stakeholder dialogues that explored the potential for these innovations to transform the financial ecosystem as well as the risks and opportunities that could emerge from changes in the way financial services are structured, delivered and consumed in the future in the future.