The financial services industry has seen some dramatic technology-led changes over the past few years. While FinTech start-ups are encroaching upon established markets, many executives look to their IT departments to improve efficiency and facilitate innovation, while somehow also lowering costs and continuing to support legacy systems.
PwC’s new report Financial Services Technology 2020 and Beyond: Embracing disruption captures the real-world implications of the ten most important technology-driven forces that will shape competition in the financial services industry by 2020 and six priorities for financial institutions to benefit from them.
Ten technology forces that matter
01. FinTech will drive the new business model.
02. The sharing economy will be embedded in ever part of the financial system.
03. Blockchain will shake things up.
04. Digital become mainstream.
05. “Customer intelligence” will be the most important predictor of revenue growth and profitability.
06. Advances in robotics and AI will start a wave of “reshoring” and localization.
07. The public cloud will become the dominant infrastructure model.
08. Cyber-security will be one of the top risks facing financial institutions.
09. Asia will emerge as a key centre of technology-drive innovation.
10. Regulators will turn to technology, too.
For more information, please click PwC Vietnam Newsbrief – 10 Tech-driven forces shaping Financial Services_ in 2020 – EN and PwC Vietnam Newsbrief – 10 Tech-driven forces shaping Financial Services_ in 2020 – VN.
OTHER NEWS ON THE AUSCHAM WEBSITE
In the toolbar of this website, click on “NEWS” for the drop down menu which includes: