Contents Foreword 3 Executive Summary 5 The ten technology forces that matter: how to compete in the financial services industry 7 in 2020 and beyond 1 FinTech will drive the new business model 8 2 The sharing economy will be embedded in every part of the financial system 11 3 Blockchain will shake things up 12 4 Digital becomes mainstream 15 5 ‘Customer intelligence’ will be the most important predictor of revenue growth and profitability 17 6 Advances in robotics and AI will start a wave of ‘re-shoring’ and localisation 20 7 The public cloud will become the dominant infrastructure model 22 8 Cyber-security will be one of the top risks facing financial institutions 23 9 Asia will emerge as a key centre of technology-driven innovation 25 10 Regulators will turn to technology, too 27 Six priorities for 2020 28 1 Update your IT operating model to get ready for the ‘new normal’ 29 2 Slash costs by simplifying legacy systems, taking SaaS beyond the cloud, and adopting robotics/AI 32 3 Build the technology capabilities to get more intelligent about your customers’ needs 35 4 Prepare your architecture to connect to anything, anywhere 37 5 You can’t pay enough attention to cyber-security 40 6 Make sure you have access to the necessary talent and skills to execute and win 42 Conclusion 45
Financial Services Technology 2020 and Beyond PwC Page 1 Page 3