Note from the CEO: Another top 10 (8, 15, 20, etc) list of where technology is going and how it will shape the financial services landscape. This one is forward-looking to 2020 by Price Waterhouse, and comes with lots of visuals to make its case study. Gotta admit, I am a sucker for pictures.
“The financial services (FS) industry has seen some dramatic technology-led changes over the past few years and this trend is set to accelerate. While FinTech start-ups are encroaching upon established markets, many executives look to their IT departments to improve efficiency, reduce costs and facilitate innovation. At the same time, IT departments are also trying to balance the costs associated with supporting many legacy systems, some of which are more than 30 years old.
PwC’s new report, ‘Financial Services Technology 2020 and Beyond: Embracing disruption’ captures the real-world implications of ten technological advances on the industry and those who must supervise and tackle them.
Those at the heart of financial institutions know there is no easy way to embrace this unprecedented disruption. Many organisations are now forming the view that the public cloud is safer and more reliable than on-premises solutions.
Soon, Blockchain may prove to have the same impact on the future of financial services as the Internet had on many sectors such as media & entertainment, telecommunications, travel, retail etc. You get the feeling that it’s only a little while before banking operations centres are staffed by sophisticated robots, taking over manual tasks from human tellers.”