How does the future of financial services look like?

HCL commissioned a study and our report presents a definitive guide with 4 proven techniques that help navigate the world of digital disruption. The report contains both academic thought and practical business insights, citing leading financial services executives and industry thought leaders.

Digital technologies do not pose a threat to traditional financial services institutions. In fact, they represent opportunity and improve customer satisfaction. For our report, we conducted a survey with senior FS executives which shows that 60% of the respondents believe that legacy applications constitute the biggest barrier preventing large financial services organizations from becoming agile. On the other hand, 62% of the executives see a definitive opportunity to collaborate with fintech to expand capabilities, customer base, and generate more impact. For 46% of the respondents in sync with the dynamic scenario, their business model is ever evolving.

Here’s what the experts had to say:

  • As technology takes center stage, what will matter most is the ability to adopt digital technology at speed and scale — JIMIT ARORA, Partner, Everest Group
  • The evaluation of these new technologies must not be restricted to the traditional IT department, which is led by the CIO. Competition in the evaluation and use of new technologies between the IT department and the business will help identify and maximise new technologies’ potential — PROF DR. WALTER BRENNER, St. Gallen University
  • The recent introduction of the PSD2 (the EU’s Payment Service Directive 2), the Open Banking directive in the UK, and other regulations – usually viewed as a threat to traditional institutions – in fact are opening the doors for banks to create creative alliances and develop platforms that can deliver new forms of digital services — RAHUL SINGH, President, HCL Financial Services

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