Disruptive Innovation in Financial Services

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The accelerating rate of technological change, combined with shifting customer preferences and an evolving regulatory landscape, have dramatic implications for the ways in which financial services are structured, delivered and consumed. This project, with its long-term, multi-stakeholder perspective on the industry’s trends and uncertainties, will help incumbent players understand the implications of these innovations and craft a strategic response.

Objectives

Phase 1 of this project aimed to identify key disruptive innovations, build understanding of how they are interlinked and assess their potential impact. More specifically, this phase:


  • Identified innovations with the potential to transform the delivery of financial services and deepened industry understanding of connections between these innovations and

  • Developed narratives for the evolution of key innovations over the next five years and explored their implications on industry structure and key industry performance metrics.


For phase 2 of the project the steering committee has identified  two major challenge areas related to innovation in financial services that will require multi-stakeholder collaboration to be addressed effectively. For each of these challenges the Forum will strive to create actionable frameworks and use cases that industry players can leverage to forward their own initiatives in these areas. 


  • Stream 1: Applications of Distributed Ledger Technology: Will aim deepen understanding of potential use cases for distributed ledger technology (e.g. the blockchain) within and between financial institutions and identify key pre-conditions for the adoption of this technology

  • Stream 2:  Blue Print for Digital Identity: Will seek to Define the role of financial institutions in the creation and operation of a global standard for digital identity that will enable, simplify, and de-risk global transactions