Cover Image
Market Research Report

IDC FutureScape: Worldwide Financial Services 2019 Predictions

Published by IDC Product code 345045
Published Content info 23 Pages
Delivery time: 1-2 business days
Price
Back to Top
IDC FutureScape: Worldwide Financial Services 2019 Predictions
Published: October 31, 2018 Content info: 23 Pages
Description

This IDC Financial Insights study presents the top 10 predictions for the financial services industries. Each prediction is shaped by a common set of key drivers that provides a planning tool for technology leaders and their line-of-business counterparts to use in their IT strategic planning efforts. The challenges of the industry today continue to be shaped by trying to match fintech innovations, meet customer expectations, and protect the brand while resources are scarce and regulatory burdens persist.According to Marc DeCastro, research director, IDC Financial Insights, "The digital lifestyle of the customer has forever changed how financial institutions understand, build, interact, and deliver services while providing a true omni-experience. The predictions in this study are a culmination of the tenets of our research over the past few years. Innovation has reached the point of disruption for financial service firms of all sizes and geographic locations. Driving this growth are advances in platform solutions, open APIs and connected sourcing, artificial intelligence, IoT and robotics, and solutions aimed at improving risk exposure."

Table of Contents
Product Code: US43052618

IDC FutureScape Figure

Executive Summary

IDC FutureScape Predictions

  • Summary of External Drivers
  • Predictions: Impact on Technology Buyers
    • Prediction 1: By 2020, 60% of All Banks Will Have Invested in IoT and NFC to Address Rising Expectations, Offering Customers and Employees Wearable Authentication for In-Branch Teller System and ATM Transactions
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 2: By 2021, 45% of All Banks Will Have Invested in Automated GRC Applications to Improve Operational Performance and Substantially Reduce the Operating Expenses Associated with Manual Processes
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 3: By 2022, 25% of Personal and Commercial Lines Carriers Will Have Piloted and/or Implemented Use Cases That Combine Blockchain and IoT to Make Frictionless Insurance Sales and Service a Reality
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 4: By 2024, Passive Robo-Advisors Will Be the Standard for the Lower-Wealth Segments, While 40% of the Higher-Wealth Segments and Institutional Investors Will Seek Alpha from Active Robo-Advisors 4.0
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 5: By 2022, Driven by Open Banking and AI, 25% of Financial Institutions Worldwide Will Be Processing Transactions Initiated by Third-Party Digital Personal Assistants or Will Be Capable of Doing So
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 6: By 2020, 25% of All Banks Will Have Achieved a Connected Core by Proactively Opening Core Systems to Enable Platform-Based and Componentized Modernization and Thus Participation in Open Marketplaces
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 7: Cross-Border Payment Tracking Will Be Improved by the SWIFT gpi Quasi Standard, But Only 10% of Banks on the Network Will Monetize It by 2020 with Their Own Data-Rich Analytics
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 8: By 2021, 75% of Global 200 Banks Will Have Established Open Banking APIs with Their Key Business Partners, But Revenue Thus Earned from Third Parties Will Be Less Than 10% of Total Annual Revenue
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 9: With the Growth and Acceptance of Consumer and Corporate-Provided Wearables, by 2024, 15% of Consumer Payments Worldwide Will Be Authenticated and/or Transacted via Wearable Devices
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance
    • Prediction 10: Looking for Further Efficiency Gains and Cost Savings, 50% of All Banks Will Have Moved At Least 20% of Critical Business Functionality to As-a-Service Cloud Platforms by 2024
      • Associated Drivers
      • IT Impact
      • Business Impact
      • Guidance

Advice for Technology Buyers

External Drivers: Detail

  • Rising Consumer Expectations: More Convenience, Customization, and Control
    • Description
    • Context
  • Emerging Autonomy: Learning to Live With AI
    • Description
    • Context
  • The Race to Innovate: Speed of Change, Delivery, and Operations Separates Thrivers and Survivors
    • Description
    • Context
  • Platforms, Platforms, Platforms: Industry Competes for Innovation at Scale
    • Description
    • Context
  • Legacy Inertia: Retrofit the Old into the DX World
    • Description
    • Context
  • Sense, Compute, Actuate: Turning Data into Value
    • Description
    • Context
  • New Nature of Risk: Innovation to Defend Against Bad Actors and Comply with Increasing Regulatory Compliance
    • Description
    • Context

Learn More

  • Related Research
Back to Top