17 January 2020
Issue #188 of the Fintech Analyst Report features trends for 2020 across global retail banking, digital wealth management and the insurance sector, and de-bunks some common cloud myths.
Competition from BigTech alongside digital and neo banks has increased customer expectations. An unsettled economic environment will continue to drive change in retail banking in 2020.
Gartner: Top 10 ten cloud myths
The cloud isn’t just about saving money it’s about agility. CIOs need to bust the myths and develop a considered cloud strategy while also defining the best cloud adoption strategy for their firm.
Financial advisors think digital wealth firms will put them out of business, with 43 percent believing robo-advisers will shrink the number of advisors in five years. Survival lies in adopting the same tech.
Due to instability, social uproar and the looming climate crisis, clients are requesting purposeful investment opportunities, with environmental, social, and governance (ESG) and impact investing in 2020.
Open banking has made retail more competitive than ever in APAC. As challengers invent innovative ways to take their customers, incumbents are focused on finding ways to make them stay.
The time to deliver value-centric insurance products and services is now – not when regulation dictates. Open insurance is the answer, otherwise these firms will be swept away in the coming digital disruption.
Commercial opportunities abound for digital-only insurers in Singapore and Hong Kong, as digital-first customers are likely to switch carriers in the next 12 to 24 months.
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