How can the financial services industry successfully harness and evolve with the major transformative forces reshaping the sector?
This community is a high-level group of peers dedicated to ensuring the long-term sustainability of their industry and society.
The Financial Services Industry Governors define the industry agenda. The group, comprising chief executives and chairs from partner organizations, closely align the agenda with the System Initiative on Shaping the Future of Financial and Monetary Systems.
The Governors identified five priorities for 2017: Transformation, business model agility, profitability in a challenging environment, automation and analytic capabilities, and cyber risk. The Forum is addressing these challenges through four projects.
The Forum’s Industry Community for Insurance and Asset Management is an exclusive community of peers. Chief executives and chairs constitute the Industry Governors, who provide leadership, define the industry agenda and drive change.
The global financial system is the cornerstone of economic activity and critical for long-term economic growth and development. However, the global financial crisis demonstrated the downside of interconnectedness and revealed systemic vulnerabilities.
As the global financial system recovers, major collaboration is required to rebuild public trust, respond to regulatory and technological change and overcome barriers to financial inclusion and risk mitigation.
Three Forum initiatives address these issues under the umbrella of the System Initiative on Shaping the Future of Financial and Monetary Systems.
The Balancing Financial Stability, Innovation and Economic Growth
initiative focuses on:
– The rapid technological transformation in the financial system and its implications on public policy
– The transformative effects of regulatory policy on the financial system
– The impact of alternative methods to curtail or enhance the flow of credit to segments of the economy
The Promoting Global Financial Inclusion initiative focuses on:
– Digital Inclusion: Accelerating the integration of traditional retail markets into the broader financial sector
– Beyond G2P: Developing a sustainable model to deliver financial services to recipients of regular government-to-person payments
– Humanitarian payment principles: Drafting principles that will help provide greater direction on the delivery of humanitarian assistance in the form of diverse payments after a crisis
The Disruptive Innovation in Financial Services initiative focuses on:
– Mapping the evolution and implications of rapid technological change and the entrance of new fintech players into the global financial ecosystem
– Understanding the transformative potential of new financial infrastructure such as blockchain and the digitization of identity
– Considering the possible future state organizational structures and talent strategies of financial institutions
Three other Forum initiatives that feature strong engagement from the Financial Services Industry Community include:
Shaping the Future of Risk Mitigation in the Innovation Economy, which focuses on:
– Evaluating the new and changing risk landscapes presented by technological innovations
– Identifying the key challenges and opportunities facing society and the insurance industry in risk mitigation
Accelerating Capital Markets Development in Emerging Economies, which focuses on:
– Promoting the development of capital markets in emerging economies as an important contributor to economic growth
– Identifying opportunities to leverage foreign investment as a catalyst for local capital markets development
– Defining policy measures that can help countries improve market attractiveness to foreign investors
The Urban Ageing Symposium Series, which focuses on:
– Understanding the implications of rapidly ageing populations amid the trend of rapid urbanization through a series of dedicated workshops in select cities around the world
– Convening perspectives on ageing and urbanization across infrastructure, income gap and employment, healthcare, consumption, mobility, savings, pension reform, changing technology and lifestyle
– Sharing best practices and innovative strategies to create future urban environments that are commensurate with changing demographic scenarios
Contact: For more information contact: financialservices@weforum.org
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