The marriage of high tech and high finance
The lines between financial services and high technology are becoming increasingly blurred. Four major technological changes will disrupt financial services in the years ahead.
In this article, written by the Economist Intelligence Unit and sponsored by Mazars, we are discussing how technological disruptors are impacting the global financial services industry. We review how C-suite financial services executives, charged with overseeing the incorporation of these new developments into their businesses, are responding to technological advances such as blockchain, payment players and aggregators, robotics and AI . We also explore how they are using these developments to reduce reputational risk and improve the customer experience while simultaneously improving their business’s operational proficiency including reducing costs associated with the compliance function. We finish with what the technological landscape for the financial services sector may look like in 2030 and what it means for all financial service companies.
The Financial Services Future: Transforming an industry
In partnership with the Economist Intelligence Unit, Mazars has developed a unique programme of thought leadership to examine the current challenges the Financial Services industry is facing. The series of articles focuses on the current transformation of the financial services industry and its likely shape in the future from three different but related perspectives: technological, regulatory and business model transformation. The proposed programme consists in a series of articles tailor-made for a senior finance executive audience and relevant across the financial service industry. These articles explores the links between technological disruption in the financial services area including its impact on the regulatory environment, and the financial services response. We are also looking at how regulatory changes have forced financial services firms to adapt or even create new operational models that incorporate new technologies to meet regulatory requirements and the further impact this has on the firms’ value chains.
Because of its importance in society, the insurance industry has always faced a considerable amount of regulatory requirements at the national (BaFin) and international (EIOPA)...