Finance industry

Overview

Finance industry is transforming and becoming more accessible than ever before. With disruptions like Blockchain, virtual banks and less exclusive market share only by banks, transformation is based on an increasing acceptance of digital, rising Fintech industry, changing the way we perceive finance and money as such. With a high need of differentiated customer experience and growing market of millennials, the industry is democratising, becoming more technology - based and focused on client.

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Details

Socio-cultural trends

Self planning Millennials, guiding their investment decisions based on word of mouth or trusted recommendation
Competitive development rising from the middle class has offered a market potential for financial services industry
Aging population with savings and dynamic economic activity
Need for constant service accessibility
Social inclusion, technology is being embraced across all social classes

Technological trends

Cryptocurrency - a decentralised digital currency demonstrates alternative options to eliminate existing financial structures
Transformation technologies are more readily accessible and powerful than ever before
Robo-advisors and other digital platforms are redefining the concept of financial guidance.
Alternative investment movements towards P2P and Fintech
Crowdfunding becoming accepted by general public
Cyberthreats
Artificial intelligence
Digitalisation will dominate payment platforms such as e-wallet

Economical trends

Fees are no longer the primary focus, clients are interested in the service and overall experience
Automating processes for increased efficiency
Technology is substituting traditional asset management
Growing segment of digital-only banking
Technology-based algorithms and software integrations
Small investments
Global economical growth

Environmental trends

Focus on ethical and sustainable practises
100% Circular and renewable
Social responsibility as growing interest from corporations

Political trends

Democratisation and accessibility of financial instruments
Government Regulations are increasing, creating more reliability and confidence in the system
Regulation has improved strength, transparency and reputation of industry - reduction in taxation leading to investment growth, increasing Industry competition and regulations
Non-regulated Cryptocurrency worldwide payment system over the borders
Reduction in taxation leading to investment growth
Increasingly complex regulatory environment
Geopolitical instability
More valuable retirement plans options and services
Security regulations ensure investors data is safe to prevent breaches and hacks to sensitive data that might cause huge losses to the industry

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