Disruptive innovation is reshaping financial services. Its impact is seen in technology, the changing tastes and behaviors of customers, and the way financial institutions are adapting or responding. In the media, financial services leaders are talking about the wave of disruption and how it is forcing incumbents to think differently about their technologies.
How should they respond; react to the threat, or treat the disruptive wave as an opportunity?
At the World Economic Forum last year, Mark Carnie talked about getting the balance of regulation right to cover the Uber-like risk of destruction, because financial services is facing the kind of situation that the taxi industry has already seen.
The CEO of JP Morgan pointed out that Silicon Valley is coming, with a lot of brains and money, to attack areas where there is a tremendous amount of unmet customer need, and large profits to be had.
Deloitte partnered with the World Economic Forum over a period of 15 months, to understand the emerging innovations that are relevant to the industry. But to find an answer to the question of how to respond to this disruptive innovation, we also need to understand how these innovations would impact the financial services industry in terms of reshaping the way services are consumed, the way the industry’s structured, how it will be provisioned in the future and the implications of these changes, on customers, regulators, incumbents, and the overall financial system.
In this white paper, in addition to getting a comprehensive insight into the emerging disruptive innovations in the industry, explore what are the major driving forces and what can financial institutions do to adapt or respond to these changes.