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Overview
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
Details
Socio-cultural trends
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
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
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
Environmental trends
- Focus on ethical and sustainable practises
- 100% Circular and renewable
- Social responsibility as growing interest from corporations
Political trends
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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