Abstract
There are many large forces sweeping society, from demographic and social changes to shifts in global economic power. But one force especially – namely, technological breakthroughs – has an inconsistent affect on financial services. Here in this paper important technology-driven influencers which will shape competition in financial services industry are going to be discussed. The financial services industry has seen drastic technology-led changes over the past few years. Many executives look to their IT departments to enhance efficiency and facilitate game-changing innovation – while somehow also lowering costs and continuing to support legacy systems. Meanwhile, companies are encroaching upon established markets, leading with customer friendly solutions developed from the bottom up and unencumbered by legacy systems. Customers have had their expectations set by other industries; they're now demanding better services, seamless experiences regardless of channel, and more value for his or her money. Regulators demand more from the industry too, and have began to adopt new technologies which will revolutionize their ability to gather and analyze information. The pace of change shows no signs of slowing, in reality technology-driven change is so persistent that no financial organization is immune.
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