Could online shopping, ride-sharing, peer-to-peer and other technology platforms be answers to our financial services needs in the future?
Financial services sector is facing disruption like never before. Willis Towers Watson conducted a research that showed that up to 54% of jobs may be disrupted in the financial services over the next 20 years. There are three mega trends responsible for this change: technology, regulations and consumer choice.
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| Technology | Regulatory | Consumer choice | ||||
|---|---|---|---|---|---|---|
 |
Digitalisation and analytics |  |
Know your customer |  |
Personalised product and services | |
 |
Blockchain disruption |  |
Anti-money laundering |  |
Changing demographics and spending patterns | |
 |
Cloud based platforms |  |
Personal data |  |
Alternative technology platforms | |
 |
Artificial intelligence |  |
Cryptocurrency regulations |  |
Service excellence and seamless experience | |
 |
Automation and robotics |  |
Disintermediation and DAOs (decentralised autonomous organisations) |  |
Shared economy | |
 |
Internet of things (IoT) | |||||
| Risks: | Economic uncertainty | Cyber security | Stricter overall compliance and regulatory requirements | |||
How can financial services companies prepare for change?
