Banking Agenda: Issue 1, 2017

Revolutionary change is transforming the financial services landscape – ViewPoints

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Blockchain has the potential to evolve into a core, underlying element in the technology “stacks” of most general insurers, supporting a diverse range of processes and part of your company’s future technology “plumbing.”

We are delighted to share ViewPoints, “Revolutionary change is transforming the financial services landscape.”

In October 2016, Tapestry Networks and EY hosted the Financial Services Leadership Summit, which brought together more than 80 financial sector leaders to discuss the extraordinary changes happening across the financial services landscape. Participants included directors and executives of the largest global banks, insurers, and asset managers, regulators, fintech entrepreneurs, and other subject matter experts.

This ViewPoints synthesizes these and other discussions with participants in the Bank and Insurance Governance Leadership Networks over the second half of 2016. Technology is lowering the barriers to entry for emerging competitors and transforming the way incumbents do business, rapidly altering the competitive marketplace. At the same time, unprecedented macroeconomic and geopolitical conditions, driven by underlying structural changes, are creating a degree of uncertainty about the environment through which leaders must guide these institutions. Regulation will need to continue to evolve in response. A summit participant summarised, “Revolutions only get called with hindsight … We are in a period of accelerated evolution that will be called a revolution in financial services.”

For more information, contact a member of the EY Oceania Financial Services team:

  • Tim Dring - EY Oceania Banking and Capital Markets Leader