Thursday 14 December 2017

**NEW RESEARCH** Predictions 2018 - Financial Services

btbTechMarketView’s “Breaking the Boundaries” 2018 research theme is particularly relevant to the Financial Services sector as established banks and insurance companies come to terms with the realities of competing in a much more dynamic market. For example, the banking world will be transformed as the move towards Open Banking and the introduction of PSD2 mandates a greater choice for customers in the way their finances are managed. Established providers with extended organisations will have to break down the boundaries between separate business units as they build a more “customer-centric” model, addressing the total needs of a customer in a co-ordinated and joined-up fashion. This will require greater communication between systems, both old and new, and a different approach to the collection, storage and exploitation of customer data.

The boundaries of the financial services providers themselves will also change, not only as the implementation of new ringfencing rules redefine business unit and functional boundaries, but also as they seek out new sources of shareholder value. The competitive boundaries will also be changed dramatically over the coming year as Fintechs attempt to carve out new niches and as the Internet giants leverage their brand and scale to cherry-pick lucrative areas of financial services provision. All this change will drive additional spend on IT infrastructure, innovation and on the recruitment of specialist personnel.

FinancialServicesViews Predictions 2018” highlights the issues of Brexit, the continued rise of cloud and the drive towards innovation and the use of new technologies as well as the impact of new regulation and the changing competitive environment.

2018 looks like being a very interesting year for the sector and its IT Services suppliers. FinancialServicesViews subscribers can access this report here.

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Posted by Peter Roe at '07:06' - Tagged: cloud   predictions   regulation   blockchain   data   brexit