Financial Services Technology 2020 and Beyond

Financial Services Technology 2020 and Beyond: Embracing disruption

The financial services industry has already seen widespread disruption over the last few years, driven by new technologies. FinTech start-ups are now making their mark, while established companies are looking to their IT departments to find new growth opportunities. At the same time, established businesses are facing the need to reduce overheads and support their legacy IT systems.

That’s according to our new PwC report, entitled: Financial Services Technology 2020 and Beyond: Embracing disruption. The report looks at how these trends will continue to evolve over the coming four years and how companies are beginning to respond.

The report also identifies ten technology forces that will reshape the sector. These are:

1. FinTech will drive the new business model
2. The sharing economy will be embedded in every part of the financial system
3. Blockchain will shake things up
4. Digital becomes mainstream
5. “Customer intelligence” will be the most important predictor of revenue growth and profitability
6. Advances in robotics and AI will start a wave of “re-shoring” and localisation
7. The public cloud will become the dominant infrastructure model
8. Cyber-security will be one of the top risks facing financial institutions
9. Asia will emerge as a key centre of technology-drive innovation
10. Regulators will turn to technology, too