A REVOLUTION IS UNDER WAY
Some of the new entrants in
the financial services sector are
stealing a march on established
players, biting at the heels of the
big institutions and nibbling away
at profitable areas of business.
Financial institutions have been slow to respond.
A degree of cautiousness around investing
too quickly in shifting sands in the shadow of
uncertainty cast by the financial crisis, has further
dampened any appetite for risky innovation. The
kind of fast-paced change required to compete
with the nimble innovators is also notoriously
difficult in such a highly regulated and mediascrutinised industry.
“The banks have had a monopoly
on transaction processing for
financial transactions and they
won’t have in the future.”
Ian Pearson, Futurologist
4
PR E S E N T A N D P O T E N T IA L F UTURE S IN F IN A N CIA L SE RV I CES