Financial Services - Trends

Digital disruption is accelerating across banking, insurance and investments. Strategic plans guide partnerships between traditional institutions and fintech startups. Roadmaps expand through regulatory-compliant platforms incorporating AI, blockchain and personalized wealth management tools.

Financial services are being transformed by technologies that enhance everything from customer experience to risk management and back-office operations. AI is powering new types of robo-advisors, wealth management platforms, lending algorithms and fraud detection systems. Meanwhile– blockchain, cloud computing and digital ID verification are improving processes around payments, record-keeping and regulatory compliance. As data-driven fintech startups continue disrupting incumbents, collaboration between tech and traditional players will likely shape the future of banking.

Consumer finance allows customers to make large purchases over time – such as a home or education – with manageable monthly payments. The financials sector outlook shows us that the main companies in the consumer financial services industry are credit card companies, mortgage banks and companies that offer personal and student loans.

The financial segment outlook shows that as more money management moves online, customers are looking for financial institutions with online platforms and mobile apps that let them manage their personal accounts and keep track of their financial health from anywhere.

Banks and credit unions that provide personal finance management (PFM) services tend to attract younger, tech-savvy customers. A few large companies dominate the personal finance industry.