The financial services industry is at an inflection point. Regulation, globalization and technological advancements have dramatically accelerated the pace of business model transformation, and the potential for product and services unbundling. These forces are creating a need for stakeholders to understand:
- How we define providers of financial services in in the future
- Arising opportunities and the new risk profile of the financial system stemming from changing technological, regulatory and consumer demands
- The effectiveness of existing policies to safeguard against financial instability
The project engages a broad range of stakeholders to explore these dimensions and develop meaningful solutions for how to enable the opportunities and manage the risks of technology-enabled transformation.
As the proliferation of customer data is fundamental to this transformation, the project is focused on developing solutions to manage cyber-risk to customer data and – in a parallel work stream – a global set of principles to address the appropriate use of customer data. The project strives to drive stakeholder acceptance around identified cyber-solutions as well as customer data principles.