Technology has always shaped society and commerce in unpredictable ways, changing customer behaviour, spawning new enterprises and wiping out existing businesses that are unable to keep pace. As the speed of technological development accelerates, the risk of falling behind becomes more acute.
While the transformational impact of digital technology has been slower to reach financial services than other fields of commerce, the sector has finally reached a tipping point.
Income split of those who currently use a mobile to purchase financial services
The rate of growth in R&D expenditure in SAAAME countries is far greater than the G7, with China's R&D investment as a proportion of GDP having more than doubled during the last ten years.
More than 40% of people using social network sites in the US are interested in interacting with financial services firms via Facebook and MySpace.
Breakthroughs in biotechnology, nanotechnology and other frontiers of research and development (R&D) are increasing productive potential and opening up new investment opportunities. Whole new industries are being created, which could have a significant impact on the size and shape of the world’s manufacturing and high-tech sectors and the companies that operate within them. The key question for your business is ‘are you ready and able to support and capitalise on these developments?’
Enhanced digital interaction would offer your business the opportunity to engage more closely with your customers and increase wallet share. At the same time, digital transformation could be highly disruptive, allowing new entrants to break into the banking market, pick off the most valuable revenue opportunities and seize control of customer relationships.
|If you have any questions, please contact
Global Leader Financial Services
Tel: +44 (0) 20 7213 3960
Author and Global Leader for Project Blue
Tel: +44 (0) 20 7804 0130
Q: Will the boundaries between financial services and technology businesses remain distinct?
There will be little, if any, convergence between the sectors
The market will necessitate more seamless interaction between the two sectors