Future of Financial Services

Future of Financial Services

Growth in FinTech is Shaping the Future of Invisible Finance & Virtual Banking

RELEASE DATE
30-Sep-2016
REGION
Global
Research Code: K012-01-00-00-00
SKU: CI00240-GL-MT_19191

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Description

The financial services industry is on the brink of disruption, as the use of technology poses a challenge to market players and their existing products and services and associated costs. Thus it is important to revisit one of the oldest industries and re-conceptualize how it will thrive in the future aligning itself to looming social and technological trends.

This study will address implications to the labor force employed in the financial services market, as a lot of the responsibilities currently held by individuals will be susceptible to automation. Another consequence to automation might be the role of institutions in the industry moving to advisory rather than transaction processing. An interesting development we foresee is also reduction in costs to customers, as fee structures contract by incentivizing voluntary submission of customer purchasing habits. As funding and lending channels move from traditional wealth management institutions to more open and platformized or peer-to-peer lending, it will be interesting to gauge how the 'micro-investments' market might be one of the largest drivers of investments in the future.

Table of Contents

Key Findings

Research Scope

  • Study Period
  • Forecast Period
  • Geographical Scope
  • Industries Covered

Research Background

Research Methodology

  • Macro
  • Micro

Research Methodology

  • Key Industry Participants, Global, 2016

Definition of Fintech

Payments

Virtual Currencies: Hidden Transactions

Online Processing

B2B Payments

  • Key Areas of Disruption
  • Key Levers

Insurance

Connected Insurance

  • Blockchain
  • Artificial Intelligence
  • Corporate Administration

Progressive Customer

  • Market Growth Snapshot
  • Payment Platforms
  • Real-Time Payments
  • Smart Contracts

New Business Models

  • Key Areas of Disruption
  • Key Levers

Banking & Funding/Lending

  • Wearables
  • Telematics

Micro-investments: Shrinking Investment Size

  • Risk Sharing Insurance Business Model
  • Smartphone-based Solution— Kony Case Study

Platforms

  • Cost Advantage of Digital Insurers

Bank of the Future

  • Key Areas of Disruption
  • Key Levers

Retail Banking

  • Definition
  • Examples of Micro Investment Wealth Managers
  • Drivers for Micro-investments

Business Support Functions

  • Crowd Funding
  • Blockchain As a Financial Control Mechanism

Biometrics

  • Current Features
  • Future Features

Business Support Functions—Big Data: Data Lifecycle

  • Shrinking Branches
  • Case Study—Citi Future Branch Model
  • Cost Advantage of Platformized Banking or Digital Banking

Digital Strategies through Big Data

  • Key Areas of Disruption
  • Key Levers

Business Support Functions

  • Case Study: Biometric Applications for the Payments Industry

Global Funding of Fintech Companies

Global Consumer Wealth Growth Mirrors Fintech Funding Globally

Total Bitcoin and Blockchain VC Funding has Almost Reached $1 Billion, Led by Multiconcept Businesses

Geographic Leaders in Specific Fintech Spaces

Trend Overview—Automation Implications to Labor Force

Case Study—Bankable: Banking as a Service

Factors Critical to this Trend

Trend Overview—New Investor Classes

Case Study—eToro: The New Age of Social Trading

Factors Critical to this Trend

Trend Overview—Zero-Cost Wealth Management

Case Study—Betterment

Factors Critical to this Trend

Trend Overview—Transactional Brokerage to Advisory Business Models

Factors Critical to this Trend

Trend Overview—Crowd-Sourced Finance

Factors Critical to this Trend

Trend Overview—Customer Data Incentivization

Trend Overview—Decentralized Autonomous Organization (DAO)

Factors Critical to this Trend

Fintech Landscape

Friendsurance

Betterment

LendingClub

OpenFin

Bankable

eToro

Expected Transformations

Blockchain Beyond Bitcoin—The Future of Digital Distributed Ledgers

Key Conclusions

Expected Market Developments to 2025

Legal Disclaimer

List of Figures
  • 1. Hidden Transactions Origination,Global,2015
List of Charts
  • 1. Non-Cash Transactions by Region, Global, 2015, 2018 and 2020
  • 2. Revenue Forecast of Smart Machines Vs Neurocomputers, Global, 2014, 2019 and 2024
  • 3. B2B Total Sales & B2B Payments Revenue Forecast, Global, 2015–2020
  • 4. Total Funding Volume, Global, 2012–2015
  • 5. Crowd Funding Volume Growth (Year on Year), Global, 2014
  • 6. Percentage Funding Volumes Growth By Type Year on Year), Global, 2014
  • 7. Funding of Fintech Companies*: Global, 2010–2016(Q2) and 2020
  • 8. Growth in Consumer Wealth ($ Trillion), Global, 2014 and 2025
  • 9. Funding, Global, (2012–2015) ,Top Applications By Funding, Global, 2015
  • 10. Full-time Employee Reduction in Banking, US and Europe, 2 015 and 2025
  • 11. Socioeconomic Status of Investors, US, 2015
  • 12. Peer-to-Peer Lending Market Size, Global, 2014, 2018, 2022 and 2025
Related Research
The financial services industry is on the brink of disruption, as the use of technology poses a challenge to market players and their existing products and services and associated costs. Thus it is important to revisit one of the oldest industries and re-conceptualize how it will thrive in the future aligning itself to looming social and technological trends. This study will address implications to the labor force employed in the financial services market, as a lot of the responsibilities currently held by individuals will be susceptible to automation. Another consequence to automation might be the role of institutions in the industry moving to advisory rather than transaction processing. An interesting development we foresee is also reduction in costs to customers, as fee structures contract by incentivizing voluntary submission of customer purchasing habits. As funding and lending channels move from traditional wealth management institutions to more open and platformized or peer-to-peer lending, it will be interesting to gauge how the 'micro-investments' market might be one of the largest drivers of investments in the future.
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Table of Contents | Executive Summary~ || Key Findings~ | Research Scope, Objectives, and Background~ || Research Scope~ ||| Study Period~ ||| Forecast Period~ ||| Geographical Scope~ ||| Industries Covered~ || Research Background~ || Research Methodology~ ||| Macro~ |||| Identify Mega Trend Through Brainstorming Sessions~ |||| Identify Sub-trend Through Scenario-building Exercises~ ||| Micro~ |||| Assess the Impact of the Mega Trend at a Micro Level~ |||| Opportunities Analysis~ || Research Methodology~ ||| Key Industry Participants, Global, 2016~ | Overview and Introduction~ || Definition of Fintech~ ||| Segments of Financial Services Directly Impacted by Fintech~ | Key Disruptions in Segments~ || Payments~ ||| Key Areas of Disruption~ ||| Key Levers~ || Virtual Currencies: Hidden Transactions~ || Online Processing~ ||| Blockchain~ |||| Blockchain Use Cases~ |||| Blockchain in a Payment Transaction~ ||| Artificial Intelligence~ |||| Artificial Intelligence Evolution in Fraud Analytics~ |||| Future Intelligent Detection Process Using Artificial Intelligence~ ||| Corporate Administration~ |||| Fintech in Corporate Administration—Future Disruptions in Corporate Administration~ || B2B Payments~ ||| Market Growth Snapshot~ ||| Payment Platforms~ |||| Key Features of B2B Payment Platforms~ ||| Real-Time Payments~ |||| Central Clearing Approach (Current)~ |||| Distributed Clearing Approach (Future)~ ||| Smart Contracts~ |||| Illustrative Example of Procure to Pay Process Using the Blockchain in B2B Transactions~ || Insurance~ ||| Key Areas of Disruption~ ||| Key Levers~ || Connected Insurance~ ||| Wearables~ ||| Telematics~ |||| Insurer Benefits~ |||| Insured or Policy Holder Benefits~ |||| Impact of Telematics~ |||| Current Trend in User-based Insurance (UBI)~ || Progressive Customer~ ||| Risk Sharing Insurance Business Model~ ||| Smartphone-based Solution— Kony Case Study~ |||| UBI Market for Passenger Vehicles: Smartphone-based Solution Kony, North America, 2013–2020~ || New Business Models~ ||| Cost Advantage of Digital Insurers~ || Banking & Funding/Lending~ ||| Key Areas of Disruption~ ||| Key Levers~ || Micro-investments: Shrinking Investment Size~ ||| Definition~ ||| Examples of Micro Investment Wealth Managers~ ||| Drivers for Micro-investments~ || Platforms~ ||| Crowd Funding~ ||| Blockchain As a Financial Control Mechanism~ |||| Blockchain Money Cycle: New Money on Demand~ || Bank of the Future~ ||| Current Features~ ||| Future Features~ || Retail Banking~ ||| Shrinking Branches~ |||| Future Changes In Global Retail Banking Branch Operations~ ||| Case Study—Citi Future Branch Model~ ||| Cost Advantage of Platformized Banking or Digital Banking~ || Business Support Functions~ ||| Key Areas of Disruption~ ||| Key Levers~ || Biometrics~ ||| Case Study: Biometric Applications for the Payments Industry ~ || Business Support Functions—Big Data: Data Lifecycle~ ||| Connected Financial Services~ ||| Big Data Adoption by Phases, 2015~ || Digital Strategies through Big Data~ ||| Implications~ || Business Support Functions~ ||| Artificial Intelligence~ |||| Artificial Intelligence Use Cases~ |||| How Artificial Intelligence Works~ ||| Artificial Intelligence Information Processing~ |||| Artificial Intelligence Information Processing~ |||| Use Cases For Artificial Intelligence~ | Funding of Fintech~ || Global Funding of Fintech Companies~ || Global Consumer Wealth Growth Mirrors Fintech Funding Globally~ || Total Bitcoin and Blockchain VC Funding has Almost Reached $1 Billion, Led by Multiconcept Businesses~ || Geographic Leaders in Specific Fintech Spaces~ | Trends in Financial Services~ || Trend Overview—Automation Implications to Labor Force~ ||| End-to-End Processes by Level of Automation (%)~ ||| Top Automation-Ready Processes~ ||| Key Implications~ || Case Study—Bankable: Banking as a Service~ ||| Cross-cutting Characteristics~ ||| Products~ ||| Solutions to Institutions~ ||| Turnkey Solutions~ ||| Value Proposition~ || Factors Critical to this Trend~ || Trend Overview—New Investor Classes~ ||| Emerging Investor Class~ ||| Millennial & Gen X Investor Preferences, US~ || Case Study—eToro: The New Age of Social Trading~ ||| Platforms~ ||| Options to Trade~ ||| Network of Traders~ || Factors Critical to this Trend~ || Trend Overview—Zero-Cost Wealth Management~ ||| Differences Between Traditional & Future Wealth Management Systems~ ||| Reasons for Shifting Asset Management Service Providers~ ||| Growth of Investment by Annual Cost of Portfolio Management (Illustrative)~ || Case Study—Betterment~ ||| Expense Ratio (%)~ ||| Number of Allocation Changes~ || Factors Critical to this Trend~ || Trend Overview—Transactional Brokerage to Advisory Business Models~ ||| Transactional Brokerage~ ||| Future Advisory Model~ ||| Transactional Brokerage To Advisory Business Models Evolution~ || Factors Critical to this Trend~ || Trend Overview—Crowd-Sourced Finance~ ||| Peer-to-Peer Lending Business Model~ ||| No. of Platforms~ ||| Countries~ || Factors Critical to this Trend~ || Trend Overview—Customer Data Incentivization~ ||| Direct Data Monetization~ ||| Indirect Data Monetization~ ||| Data usage~ ||| Data Monetization Steps~ ||| Factors Critical to this Trend~ || Trend Overview—Decentralized Autonomous Organization (DAO)~ || Factors Critical to this Trend~ | Profiles of Fintech Disruptors~ || Fintech Landscape~ || Friendsurance~ ||| Overview~ ||| Operations Snapshot~ ||| Value Proposition~ || Betterment~ || LendingClub~ || OpenFin~ || Bankable~ || eToro~ | Conclusion~ || Expected Transformations~ || Blockchain Beyond Bitcoin—The Future of Digital Distributed Ledgers~ || Key Conclusions~ || Expected Market Developments to 2025~ || Legal Disclaimer~
List of Charts and Figures 1. Hidden Transactions Origination,Global,2015~| 1. Non-Cash Transactions by Region, Global, 2015, 2018 and 2020~ 2. Revenue Forecast of Smart Machines Vs Neurocomputers, Global, 2014, 2019 and 2024~ 3. B2B Total Sales & B2B Payments Revenue Forecast, Global, 2015–2020~ 4. Total Funding Volume, Global, 2012–2015~ 5. Crowd Funding Volume Growth (Year on Year), Global, 2014~ 6. Percentage Funding Volumes Growth By Type Year on Year), Global, 2014~ 7. Funding of Fintech Companies*: Global, 2010–2016(Q2) and 2020~ 8. Growth in Consumer Wealth ($ Trillion), Global, 2014 and 2025~ 9. Funding, Global, (2012–2015) ,Top Applications By Funding, Global, 2015~ 10. Full-time Employee Reduction in Banking, US and Europe, 2 015 and 2025~ 11. Socioeconomic Status of Investors, US, 2015~ 12. Peer-to-Peer Lending Market Size, Global, 2014, 2018, 2022 and 2025~
Author Yash Mukherjee
Industries Cross Industries
WIP Number K012-01-00-00-00
Is Prebook No