2015-06-24-世界经济论坛-Future_of_Financial_Services_2015_178页_3mb

Summary of the Report: The Future of Financial Services

Introduction

This report examines how disruptive innovations are reshaping financial services, focusing on six core functions: Payments, Insurance, Deposits & Lending, Capital Raising, Investment Management, and Market Provisioning. It identifies eleven clusters of innovation, such as mobile payments, cryptocurrencies, and automated systems, and explores their implications for incumbents and the broader ecosystem.

Key Findings

• Deliberate and Predictable Innovation: Disruption targets where customer friction meets profit pools, using platform-based, data-intensive models.
• Sector-Specific Impacts: Banking faces imminent effects; insurance and investment management experience deeper transformations.
• Strategic Responses: Incumbents may use parallel strategies, collaborate with new entrants, and leverage legacy assets.
• Continuous Disruption: Innovation is an ongoing process, shaping customer behaviors, business models, and the long-term structure of the industry.
• Cross-Cutting Themes: Automation, data utilization, and customer empowerment are key drivers across all functions.

Detailed Function Insights

• Payments: Trends toward cashless transactions, cryptomoney rails, and decentralized systems threaten traditional intermediaries, with scenarios ranging from payment consolidation to rail disintermediation.
• Insurance: Disaggregation of service chains and connectivity enable personalized offerings, but commoditization risks loyalty and margins.
• Deposits & Lending: Alternative platforms disrupt lending; incumbents must adapt to distributed credit portfolios and customer demands.
• Capital Raising: Crowdfunding and peer-based models expand access but challenge traditional intermediaries.
• Investment Management: Automated tools and social networks democratize wealth management, potentially reducing the need for human advisors.
• Market Provisioning: Smarter machines and connected platforms improve efficiency, but risks include errors and regulatory scrutiny.

Implications for Stakeholders

• Financial Institutions: Must redefine core capabilities, embrace partnerships, and address data ownership.
• Customers: Gain more control over choices and visibility, but may face challenges navigating new platforms.
• Regulators: Need to foster collaboration and mitigate risks from new technologies.
• Call for Multi-Stakeholder Collaboration: Address regulatory arbitrage and ensure stability in decentralized systems.

Cross-Cutting Themes

• Data Centralization: Enhanced data use improves targeting but raises privacy concerns.
• Automation and Efficiency: Reduces costs and speeds processes, yet may displace traditional roles.
• Customer Empowerment: Tools like robo-advisors and P2P payments give users more control.

The report concludes that collaboration among incumbents, new entrants, and regulators is critical to navigate the evolving landscape and harness innovation's benefits.