Financial Services

The financial services sector is facing a radical disruption. From banking to insurance, from payments to wealth management, from regulation to innovation, the way we provide and access financial services is changing dramatically. Here are some topics and trends to provide an industry overview.

Distinctions within the financial sector

According to our latest estimates, the global financial services market will reach a whopping $26.5 trillion by 2030. This growth will be driven by several factors:

Customer Centricity: With more choices and expectations, customers will demand personalized, convenient, and transparent financial solutions.
Technology Adoption: New technologies, such as artificial intelligence, blockchain, and biometrics, will enable new capabilities and efficiencies in the financial services industry.
Ecosystem Collaboration: Financial services firms will partner with other players from different sectors and regions to create value-added offerings and expand their reach.

Intermediation in Business Opportunities

Of course, no sector is immune to challenges. However, where there’s a challenge, there’s also a savvy consultant with a solution:

Cyber Risk and Financial Crime: The increasing digitization and interconnectedness of the financial system will expose it to more threats and vulnerabilities. A need for robust security and compliance measures is growing stronger.
Data Integrity and Analytics: The explosion of data sources and types will pose a challenge for data quality and governance. A need for advanced analytics and insights is growing louder.
Digital Dilemmas: The rapid pace of change and innovation will create new opportunities and risks for financial services firms. A need for agile transformation and experimentation is growing deeper.

Reaping Returns

For the ambitious lot ready to tackle these issues, the rewards are more than just a competitive edge. Robust security and compliance measures will enhance trust and reputation. Advanced analytics and insights will improve decision making and performance. Agile transformation and experimentation will foster innovation and differentiation. As for customer centricity, ecosystem collaboration, and technology adoption? That’s the winning formula to deliver superior value and experience to customers in 2030.