Skip to main content

Top 10 technology forces that will shape financial services in 2020

The accountants PwC have published a report that lists the ten most important technology-driven forces that will shape competition in the financial services industry by 2020 for financial institutions. They say that these are:

  • FinTech will drive the new business model
  • The sharing economy will be embedded in every part of the financial system bringing together those who have excess capital with those that need financing, leading to the disintermediation of traditional lending models
  • Blockchain will shake things up
  • Digital becomes mainstream
  • 'Customer intelligence' will be the most important predictor of revenue growth and profitability
  • Advances in robotics and Artificial Intelligence (AI) will start a wave of 're-shoring' and localisation
  • The public cloud will become the dominant infrastructure model
  • Cyber-security will be one of the top risks facing financial institutions
  • Asia will emerge as a key centre of technology-drive innovation
  • Regulators will turn to technology.

From Top 10 technology forces that will shape financial services in 2020

I really don’t think that blockchain will shake things up by 2020, but that’s just an opinion. Anyway, I want to pick on three of the PwC forces to open up some more discussion.

AI and reshoring. XXX. Many years ago I wrote a piece for a financial services client saying that I thought that call centres and other support services in India would, because of voice recognition and voice authentication, eventually be replaced by a rack in a data centre, not by cheaper call centres in Vietnam of wherever.

Public cloud. XXX.

Regtech. XXX.

Comments

Post a Comment

Popular posts from this blog

There is no excuse for not taking cards

So we went to the pub. For lunch. Seven of us. Say £20 per head. £100+ quid. Say £50 quid gross for the pub. Colleague goes to order food and drinks and pay at the bar. Apologetic barmaid comes over to explain that their “card machine” is down, so she can only accept cash. Under normal circumstances I would have simply walked out, feeling it wholly inappropriate to reward such a poorly managed establishment and, as a functioning actor in a capitalist economy, done my duty to depress their lunchtime takings. Here’s what we wanted to say: This is absurd. This is 2016 not 1916. Your card machine is down? Well, so what! Are you seriously telling me that mein host has no mobile phone number capable of registering for PingIt or PayM? That none of the staff or the pub itself have a PayPal account that I can send the money to? That neither the owners nor managers not contingency planners thought to tuck an iZettle behind the bar to use when the clunky and expensive GPRS terminal fails for o...
Post a Comment
Read more