1、The multiplier effect The imperative for coordinated technology deployment in financial services The multiplier effect | The imperative for coordinated technology deployment in financial services 2 The multiplier effect | The imperative for coordinated technology deployment in financial services Mor
2、e from the World Economic Forum and Deloitte The future of financial services (2015) The future of financial infrastructure: An ambitious look at how blockchain can reshape financial services (2016) Disruptive innovation in financial services: A blueprint for digital identity (2016) Beyond Fintech:
3、A pragmatic assessment of disruptive potential in financial services (2017) The new physics of financial services: How artificial intelligence is transforming the financial ecosystem (2018) The next generation of data-sharing in financial services: Using privacy enhancing techniques to unlock new va
4、lue (2019) Navigating uncharted waters: A roadmap to responsible innovation with AI in financial services (2019) Forging new pathways: The next evolution of innovation in financial services (2020) The multiplier effect | The imperative for coordinated technology deployment in financial services 3 Co
5、ntents Prelude 4 Setting the stage 5 Pursuing innovation pathways 8 Shifting competitive dynamics 17 Breaking down old barriers 18 Tackling systemic industry challenges 20 Concluding thoughts 21 Contacts 23 The multiplier effect | The imperative for coordinated technology deployment in financial ser
6、vices 4 Dear colleagues, Two years of exploring the future of artificial intelligence (AI) in financial services revealed a critical need to examine the intersection of AI and other emerging technologies. This prompted the World Economic Forum (the Forum) and Deloitte Consulting LLP (Deloitte) to wi
7、den our lens of inquiry. Over the course of a year, we carried out more than 200 interviews with leading subject matter experts and senior executives across the spectrum of financial servicesincluding banking, payments, insurance, investment management, and capital markets. We also ran nine workshop
8、s in financial hubs around the world. The result is our latest report, Forging new pathways: The next evolution of innovation in financial services, which discusses the multiplier effect that can occur when emerging technologies are clustered strategically and applied to business problems in financi
9、al services. The document youre reading now is a summary of those findings. Our aim is to provide executives, regulators, and policymakers with a perspective on: New value propositions that financial institutions could offer at the intersection of emerging technologies Cross-sector opportunities tha
10、t emerging technologies might create, with implications for competitive dynamics and market structures The capabilities that emerging technologies could unlock, individually and in combination We hope this report sheds some light on the impact of emerging technologies on the future of financial serv
11、ices and helps decision-makers craft responses that balance innovation with the protection of consumers, markets, institutions, and society. Sincerely, Bob Contri Financial Services Industry Leader, Deloitte Global Rob Galaski Vice-Chair and Managing Partner, Financial Services, Deloitte Canada rgal
12、askideloitte.ca Prelude The multiplier effect | The imperative for coordinated technology deployment in financial services 5 Financial institutions today have gained the permission to pursue innovation at a pace and sophistication seldom seen before. Recent industry forces such as rising competition
13、 from non-traditional players, growing demands from customers across all segments, and increased flexibility from regulators have emphasized the imperative for innovation across the industry. Despite this permissive environment, the industry is still playing innovation catch-up. Financial institutio
14、ns continue to be burdened by legacy infrastructure and a lack of clear direction on how emerging technologies will shape and impact their strategic direction. And while technology is but one component of this equation, the sheer number of potentially transformative technologies maturing in a simila
15、r timeframeand the complex ways they can interconnectimplies that strategic decisions can no longer be technology agnostic. The financial services industry finds itself at a critical juncture. Both the opportunity and capability for transformative innovation are within reach for those willing to ris
16、e to the challenge. But will incumbent institutions take bold strides to transform infrastructures, operating models, and value propositions? Or will they allow the opportunity to pass them by? Of course, the latter route could invite further pressure from disruptors or increase exposure to future c
17、rises. While the answer to this question will define the calculus of winners and losers over the coming years, one thing is clear: Though powerful individually, when combined emerging technologies introduce an evolved set of capabilities poised to modernize the architecture of the financial institut
18、ion of the future. More specifically, Figure 1 shows four common ways emerging technologies work together to unlock new opportunities. As a first step, financial services executives should have a clear perspective on the new capability sets that emerging technologies unlock. However, capabilities al
19、one are only part of the puzzle. More important is understanding how these capabilities actually translate into new market structures and operating models in financial services, and the value propositions that institutions can develop to pursue them. Industry leaders have shared stories of how techn
20、ology conversations have become central to the senior executive and even board levels of institutions around the world. This points to a shift in how financial institutions will strategize and operate. Playing to win increasingly means considering the role technology will play when making strategic
21、decisions, and specifically what the most effective combination of human and digital capabilities will be. Setting the stage The multiplier effect | The imperative for coordinated technology deployment in financial services 6 Privacy Enhancing Techniques Distributed Ledger Technology Task-Specifi c
22、Hardware 5G Networking Internet of Things Artifi cial Intelligence Cloud Computing Quantum Computing Augmented / Virtual Reality Source: Forging new pathways: The next evolution of innovation in financial services 1 2 3 4 Augmented/Virtual Reality (AR/VR) allow for new data-rich channels for engagin
23、g customers and employees Artificial intelligence (AI) & Cloud computing sit at the core of every cluster, serving as the gateway to other emerging technologies 5G, Internet of Things (IoT), and Task-Specific Hardware create links between physical information and financial processes Privacy Enhancin
24、g Techniques (PETs) eliminate the need for data to be physically transferred for it to be analyzed by a third party Distributed ledger technology (DLT) can enable more direct, atomic transfers of value and informationy Quantum will unlock new analytical capabilities Figure 1: Common clusters of emer
25、ging technologies The multiplier effect | The imperative for coordinated technology deployment in financial services 7 Artificial intelligence (AI) AI is a suite of technologiesenabled by adaptive predictive power and exhibiting autonomous learningthat extend the human capabilities of sensing, compr
26、ehending, acting, and learning. 5G networking 5G networking is the next-generation standard for cellular networking technology, promising improved speeds, higher network densities, lower latency, and greater network security (among other benefits). Augmented and virtual reality (AR/VR) AR/VR reality
27、 refer to two distinct but highly interrelated classes of technologies that integrate the virtual world with the real world. Distributed ledger technology (DLT) DLT refers to a digital ledger of transactions or contracts (e.g., a database) supported by a replicated, synchronized, and decentralized n
28、etwork. Privacy enhancing techniques (PETs) PETs such as zero-knowledge proofs and multi-party computationeliminate the need to physically transfer data before a third party can analyze it. Task-specific hardware Task-specific hardware refers to a set of related computing devices that can be used to
29、 accelerate or optimize the training of AI models and improve AI-based inference. Cloud computing Cloud computing is the delivery of on-demand, remote computing services (such as data storage or computing power) over the internet. Quantum computing Quantum computing relies on the physical phenomena
30、of nature to manipulate information via quantum mechanics. Because of these effects, quantum computers have the potential to massively increase computational power for a range of specific problems, including optimization, simulation, and machine learning. Internet of Things (IoT) IoT refers to physi
31、cal objects that generate, transmit, and act upon data (or otherwise communicate with other devices) over the internet. The multiplier effect | The imperative for coordinated technology deployment in financial services 8 Assembling emerging technologies into common clusters, and exploring the capabi
32、lities that these clusters unlock, provides insight to where innovation is likely to progress in financial services. We discovered a set of prominent “innovation pathways” that appear poised to shape the industrys futureon their own as well as collectively. These pathways, representing four of the m
33、ost likely areas of structural transformation to result from the intelligent clustering of emerging technologies, are highlighted in Figure 2. The outer ring of the diagram shows an illustrative set of use cases that represent future value propositions indicative of the structural transformation des
34、cribed in the pathway. The following discussion explores each innovation pathway in more detail, including the conditions under which the evolution is most likely to occur, the underlying capabilities driving this evolution, and highlights a key indicative value proposition for the pathway. Figure 2
35、: Innovation pathways enabled by clusters of technology Source: Forging new pathways: The next evolution of innovation in financial services Pursuing innovation pathways Trusted Data Steward Just-in-Time Lending Verifi able Impact Investing Outcomes- Based Investing Establishing Ecosystems Beyond Fi
36、nance Reorienting Transaction Flows Integrating Physical & Digital Processes A B Reimagining Core Functions C D Global Fund Transfer Network Cross-Bank Collateral Optimization Connected Insurance Experience Dynamic Life + Health Augmented Purchases Data-Linked Green Bonds M2M Payments KYC / AML Util
37、ity Global Corporate Actions Ledger Quantum Portfolio Optimization The multiplier effect | The imperative for coordinated technology deployment in financial services 9 Enabling technologies can: Reduce data sharing risk by creating combined sources of information that can be queried and analyzed wit
38、hout actually sharing the underlying data Secure data provenance by making it easier for firms to trace information, reconcile data with collaborators, and keep malicious actors from doctoring information Facilitate transaction autonomy with smart contracts that eliminate manual labor around agreeme
39、nt reconciliation and transaction processing Disruption is likely to occur where: On pathway A, firms can combine financial and non-financial offerings by building on strong ecosystem relationships in order to deepen engagement, protect customer data, and create entirely new value propositions. Path
40、way A: Establishing ecosystems beyond finance AR / VR TSH 5G DLT PETs IoTAICloudQuantum This could be a new source of customersand datafor financial institutions. However, it could also limit the ability to build deeper customer relationships because the institution is often not the party who has di
41、rect access to customers. The future state: A home purchase from an online platform that embeds parametric flood insurance. Advice and ancillary services could become key differentiators for companies in highly competitive industries. Meanwhile, the customer data flowing into financial institutions
42、could help them further tailor and improve their offerings. The future state: A personal financial management tool that also offers personalized recommendations for career planning and job searching. As consumers gain more control over their data, financial institutions could become the trusted inte
43、rmediary that helps them manage it. The future state: A digital identity exchange and consent management platform developed by a financial institution, allowing clients to securely share sensitive data held by other parties. Financial products can be embedded in non-financial contexts Customers stru
44、ggle to make financial decisions Disjointed data pools meet high trust bars The multiplier effect | The imperative for coordinated technology deployment in financial services 10 Steps institutions can take: Elevate partnership management. As ownership over key capabilities and distribution channels
45、is further distributed across an ecosystem of partners, elevate the role of procurement and partnership management to a core strategic function Modernize accountability frameworks. Support the development of cross-sector frameworks that distribute liability and accountability (e.g., for data securit
46、y) fairly across financial and non-financial players Map partners to customer journeys. After establishing a deep understanding of the broader customer journey, use this as the basis for identifying potential partners, prioritizing partnership targets based on strategic ambition, and developing a va
47、lue-added ecosystem Use case Dynamic life + health insurance The takeaway: By curating an ecosystem of financial and non-financial parties into a single offering and facilitating the secure flow of data, a dynamic life and health offering could help align incentives among the insurer (from better ri
48、sk management), the consumer (from a healthier lifestyle), and other parties in the ecosystem (from increased sales). Emily is shopping for groceries when she receives a push notification on her mobile phone from her grocery app. The push notification suggests that by purchasing a healthier grocery
49、basket, Emily can earn rewards from her insurance provider. Later that day, Emilys fitness tracker notifies her that she earned additional rewards from her insurer for going to the gym and meeting her weekly fitness targets. Emily can redeem these rewards for personalized benefits like at-home equipment, or bank the rewards for future use. A few days later, Emily goes to her routine dentist appointment. Her insurance company immediately reimburses her for the cost of the appointment and notifies
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