Deloitte's short research paper "Cleared for Takeoff - Five megatrends that will change financial services"

Deloitte has published  a short research paper titled "Cleared for Takeoff - Five megatrends that will change financial services".   This research report follows on from work that Deloitte did with the World Economic Forum (WEF)  over approx 18 months to conduct a large study about the future of financial services. The purpose of the WEF project  was to understand how disruptive innovations were reshaping the business of financial services as it exists today.

 

This report  looked at how clusters of innovation are affecting business in five areas of financial services: primary accounts, payments, capital markets, investment management and insurance.


Then, taking what we know now and assuming certain conditions, we examine different ways those innovations could play out.  What was  discovered was that innovation is occurring in clusters. These clusters at first seemed pretty isolated, but then it was noticed some commonalities. For one thing, the most visible innovations are platform based, data intensive and capital light. They also cross competitive lines.

 

Any one of the innovation clusters has major implications, not just for incumbents and their customers, but for the overall financial services ecosystem as well.

Through this work Deloitte  have learned that disruption isn’t a single event. Innovation is deliberate and predictable. And when you view disruptive innovation this way—as a collection of seemingly disparate events that someday come together to create a before and an after—it opens lines of sight into a number of alternative futures.

 

You can view /download the Deloitte report at Deloitte