Technology change, as evidenced by the description of a fourth industrial revolutionii, is more than just an enabler for conducting business in a faster, smarter, or cheaper way, for better managing costs, or for gaining better analytical insights. It is a revolution that is completely transforming the playing field for financial services firms. Opportunities and risks abound.
The competitive landscape is changing, with new entrants, new business models, a race by incumbents to invest in developing the necessary capabilities, and in many cases the potential for a fundamental disruption in the value chain of traditional financial services firms and sectors.