Foreword Is your business equipped to compete? global financial system: Will blockchain be as significant to the future of banking as the We are pleased to introduce Financial Services Technology 2020 and Beyond: Internet was to physical stores? Or will fraud Embracing disruption. and technical complications marginalise its application? Will the public cloud be safe and reliable enough to outcompete on-premises Julien Courbe 1 Can you envision branches and operation solutions? Could cyber-attacks really cause This paper complements PwC’s Project Blue worldwide panic and loss of confidence in Global FS Technology Leader 2, which centres staffed by sophisticated robots and the PwC Megatrends framework the financial system? PwC US examines the forces that are disrupting the instead of human tellers? Or picture +1 646 471 4771 role, structure, and competitive environment everyone from high net worth investors to The post-crisis regulatory frameworks have [email protected] for financial institutions and the markets high school teachers taking financial advice been gradually settling into place, and and societies in which they operate. It from artificially intelligent apps – and then financial institutions have been adjusting also continues our series of publications investing across asset classes, currencies and their business models accordingly. It is now examining the future of financial services, geographies on a real-time basis? Or imagine becoming obvious that the accelerating pace including: if launching a bank, an asset manager or of technological change is the most creative an insurance company was as simple as force – and also the most destructive – in the • Retail Banking 2020: Evolution or plugging in an appliance? 1 http://www.pwc.com/gx/en/financial-services/ 3 financial services ecosystem today. In this projectblue Revolution? paper, we set out to capture the real world 2 http://www.pwc.com/gx/en/issues/megatrends • Capital Markets 2020: Will it Change for We can. This is not fantasy; it is where implications of these technological advances 3 https://www.pwc.com/gx/en/industries/financial- things are headed. We have been looking at services/banking-capital-markets/banking-22. 4 html Good? the financial services landscape and asking on the financial services industry and those some tough questions about what comes who must supervise and use it. https://www.pwc.com/gx/en/industries/financial- • Asset Management 2020: A Brave New services/banking-capital-markets/capital- 5 next. These are some agenda items for the markets-22.html World leaders who operate and supervise the https://www.pwc.com/gx/en/industries/financial- services/asset-management/publications/asset- management-22-a-brave-new-world.html PwC 3
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