Payments and Wealth Management Market Disruptive Forces in the Payments, Cryptocurrency, Blockchain, Cyber Crime and Insurance World
Oct 9, 2017
Orbis Research has announced the addition of the “Future of Financial Services-Five technological trends changing the banking, insurance, payments and wealth management industries” to store by company, by country, and by application/type for the competitive landscape analysis.
Dallas, United States - October 9, 2017 /MarketersMedia/ —
The world of financial services is changing. The recent introduction of FinTech innovations is beginning to shake up the market and improve and streamline financial services and disrupt the order of things. Furthermore, today’s generation of customers have very different habits and requirements and insurance companies, banks, currencies, payment services and financial advising will all have to change if they are to remain relevant to the coming generations. Incumbent players in the industry are listening however and many have implemented significant changes to their business models in order to adapt for the future. For instance; Block Chain technology has shown itself to have a great number of potential uses and banks want it for their own. Cashless societies are moving closer to reality and in certain countries, people are finding carrying cash increasingly irrelevant. Cybercrime is now big business and protecting customers from attack is now expensive and difficult. For its part, the stale insurance market has been using new technologies to break the mold and robo-advisors are becoming the norm in the wealth management industry.
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Key Highlights
The rise of cryptocurrencies is due in the main to the clever technology that allows it to function as a kind of distributed ledger system, called the Block Chain. Many in financial services have been skeptical of cryptocurrencies; seeing their trading volatility and resistance to normal financial regulation in a dim light. However, whilst spurning cryptocurrencies, the financial services industry has woken up to the potential of the Block Chain technology. The Block Chain is effectively a far superior and safe database to any current systems that can be altered in multiple places at once across country borders and markets and can work for many more things than just money alone.
The cashless economy has been a longstanding ambition of the financial services industry. Now changes in culture towards the use of digital money for everyday purposes, even tiny purchases, and innovative technology, have allowed countries such as Sweden to move very close to a cashless society. Innovation in transactions and banking has spread efforts to grow the cashless economy to the developing world, ensuring the move away from hard currency is likely to become a global affair. Problems, of course, remain and must be overcome to ensure concerns regarding change are addressed.
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Robo-advisors are a new category of financial service product that can offer some unique benefits to those interested in wealth management services. From start-ups to the biggest incumbent players, most institutions in the wealth management industry have their own services. Companies offering these products are capturing the desire for cheaper monthly rates, advice more heavily based on mathematics and fully impartial advice. Essentially what these companies are trying to provide, or what is the long term aim of this type of product, is an AI wealth management service and the robo-advisor market today is a kind of halfway house between a traditional human advisor and what will eventually be the norm, when full AI tools role out in the future.
Scope
- Examining the changing implications of new Fintech coming in to the FS market
- Looking at the disruptive forces in the payments, cryptocurrency, blockchain, cyber crime and insurance world
- Learn whether the hype surround these new innovations are justified and just what impact they might have
Reasons to buy
- What is cryptocurrency and why are banks spending so heavily in developing their own types of blockchains?
- Just how far has the idea of a cashless society spread and what the factors effecting its adoption?
- What is the financial services industry doing to counter the highly dangerous threat from cyber crime?
- Just how has new technology been able to revitalize certain areas of the insurance industry?
- What are robo advisors and how are they helping to shake up the wealth managment industry?
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List of Figures
Figure 1: Ethereum uses a distributed shared network 8
Figure 2: Average number of daily bitcoin transactions 2009-2017 9
Figure 3: Types of Block Chain networks 11
Figure 4: IBM Block Chain features compared with Ethereum and Bitcoin 12
Figure 5: M-Pesa revenues 2012-2016 (KESbn) 15
Figure 6: M-Pesa outlet in Nairobi, Kenya 16
Figure 7: Number of credit cards in China, 2006-2014 (million) 17
Figure 8: Value of payment transactions per card, Germany 2011-2016 ($) 19
Figure 9: Value of banking market in Asia-Pacific ($tn) 2009-2016 20
Figure 10: Number of ‘card not present’ fraud in United Kingdom 2011-2016 22
Figure 11: Global willingness to use a digital only bank, 2016 23
Figure 12: Timeline of Regtech developments March 2015 to March 2016 24
Figure 13: Lemonade policies taken by age group September 212016 to January 18 2017 26
Figure 14: Value of global non-life insurance 2010-2016 ($tn) 29
Figure 15: Use of micro insurance by country in East Africa 2014 (% of population) 30
Figure 16: Robo-advisors are replacing the traditional advisor role 32
Figure 17: Top global Robo-advisor firms 33
Figure 18: Geographic distribution of robo-advisors and number in 2017 34
Figure 19: Mature investors preferred method of advisor versus that of millennials 36
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