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RAPPORT

Financial services technology 2020 and beyond

Embracing disruption.

A glimpse of what is to come

The financial services industry has seen drastic technology-led changes over the past few years. Many executives look to their IT departments to improve efficiency and facilitate game-changing innovation – while somehow also lowering costs and continuing to support legacy systems. Meanwhile, FinTech start-ups are encroaching upon established markets, leading with customer- friendly solutions developed from the ground up and unencumbered by legacy systems. Customers have had their expectations set by other industries; they are now demanding better services, seamless experiences regardless of channel, and more value for their money. Regulators demand more from the industry too, and have started to adopt new technologies that will revolutionise their ability to collect and analyse information. And the pace of change shows no signs of slowing.

In our latest Global CEO Survey, across all sectors business leaders told us the speed of technological change is one of their biggest concerns. In fact, in financial services, 70% of the leaders told us the speed of change in technology was a concern.

One factor is that the time it takes to go from breakthrough technology to mass-market application is collapsing. For example, in the United States, it took the telephone 76 years to be adopted by half the population. By contrast, the smartphone did it in under ten years. We are now watching blockchain move from a notebook sketch to an established technology in a tiny fraction of the time it took for the Internet to be accepted as a standard tool. Indeed, technology-driven change is so pervasive that no financial institution is immune. In Section 2, we address how these and other global megatrends are affecting the financial services industry, with a particular focus on the IT department.

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