Seven Forces Shaping the Future of Financial Services (2024)

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Over the next decade, technology innovations such as 5G, machine learning, artificial intelligence, blockchain, and smart algorithms will dramatically change how financial services firms operate and serve clients.

What does this mean for financial services?
Firms will rapidly adopt tools and systems that enable them to improve customer interfaces, aggregate massive amounts of data, enable more open collaboration and data-sharing, and understand and act upon that data.

New environmental and technology-related risks will create a changing landscape that financial services companies must navigate with great care as they move forward.

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Citizens are channeling increasing levels of expectation and responsibility toward the private sector. Companies’ ability to attract workers, raise capital, drive profits, manage risks, navigate regulatory scrutiny, and sustain profitability and growth will increasingly rely on their commitment to a net-positive social impact.

What does this mean for financial services?
Financial services firms are particularly well-suited to help the world address issues like climate change and advance financial inclusion. Firms that embrace opportunities to be socially responsible by tailoring their products and services to reflect the varied interests of a broad set of stakeholders will enjoy sustained advantage over those that do not.

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Over the next decade, regulation will continue to play a critical role in shaping the financial services industry and its ability to respond to new technology. It will also enable new business models by supporting financial services experimentation and allowing for the adoption of foreign regulatory innovations, such as open banking.

What does this mean for financial services?
US regulators will move beyond granting customers greater control over their data by emphasizing more understandable products and decision-making.

On the global stage, isolationism and protectionism will drive further regulatory divergence, with nations including the United States making efforts to protect their domestic economies despite potential cross-border impacts.

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Financial institutions’ ability to design solutions and business models that meet customer expectations and enable integration across organizations will hinge on access to and insights from ever-increasing flows of data, now the fifth—and perhaps the fastest changing—factor of production.

What does this mean for financial services?
The more effective financial services companies are at harnessing data to generate offerings that put customers front and center, the greater the advantage they’ll have in attracting, delighting, and retaining customers. How well financial services firms manage the data relationship with their customers will play an essential role in their ability to enhance consumers’ trust in their own firms and the industry as a whole.

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In the coming decade, the US financial services industry is expected to face the greatest talent gap of any sector, with a deficit of 1.7 million workers. In addition to data science, AI, and human-centered design, deeply human skills will also be critical to understanding and effectively interacting with customers and other stakeholders in ways that are difficult to automate.

What does this mean for financial services?
The financial services industry has an integral role to play in supporting society through work, workforce, and workplace transitions. By developing new offerings catering to affected workers across the economy, financial services industry participants can serve as a model for other industries struggling to manage broader workforce disruption.

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Over the next decade, customer needs, wants, and behaviors will continue to evolve, with meaningful differences across segments. Retail and institutional customers alike will expect financial institutions to cater to them in more specific and amplified ways. Delivering on the expectations of high-value customers will be even more important, not just for profitability, but also to help support a broader social mission.

What does this mean for financial services?
Delivering against an “average customer” will not sustain profits, let alone boost them. New capabilities, including technology and an augmented workforce, will empower financial services players to perform their fundamental roles in ways that are more direct, personalized, and socially responsible. At the same time, these new capabilities can help firms serve the needs of individuals that have operated outside the financial system in a way that makes economic sense for both sides.", itemImage: "${item-6-image}", itemImageRight: "${item-6-image-right}", itemMoreText: "${item-6-read-more-text}", itemMoreURL: "${item-6-read-more-url}", itemVideoURL: "${item-6-video-url}", itemInfographicUrl: "${item-6-infographic-url}" }; //Item 7 daccordItems[6] = { itemOpen: "${item-7-open}", itemTitle: "Value capture | Platforms and business models ", itemText: "

The marketplace of 2030 will be unprecedentedly fluid and interdependent, marked by ever-changing customers with ever-changing needs, expansive data flows, and mass shifts in the workforce. Innovative business models and alliance ecosystems will be required to respond to these imperatives, create new revenue streams, and establish strategic advantage.

What does this mean for financial services?
Ultimately, what could emerge are consolidated “one-stop shop” platforms for offering and accessing various financial products and services, ranging from student and business loans to home mortgages, insurance coverage, retirement plans, and investment vehicles, with new revenue models for customer use and supplier access alike. Firms that move early to establish alliance ecosystems will secure significant advantages as they lock in the network effects that many-to-many value webs offer.

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