Is the Financial Services Industry Due for Disruption?
Financial services firms are already facing important questions about their future that disruptive technologies like AI, machine learning, and blockchain might have. A set of senior financial services industry executives participated in a survey focused on “Big Data Business Impact: Achieving Business Results Through Innovation And Disruption,” which was done by NewVantage Partners. A significant amount of executives (40%) responded that they felt their industry was at risk of major disruption coming within the next decade. Should this number be a lot higher? As of a result of this, financial services firms may seek to learn knowledge from companies in big data and digital companies that rapidly evolve. Some firms are already building out innovation centers, incubation labs, and analytical sandboxes, hoping to improve agility and speed when it comes to starting new channels and bringing novel products and services to market. What impact do you think AI and machine learning will have on the financial services industry?