The future of financial services

techUK (formerly Intellect UK) has released a new paper called “Towards a ‘New Financial Services’” which is a thought-provoking view of the future of the UK financial services industry. The paper itself is 75 pages, very well produced, and free to download.

You may remember back in November I mentioned Endava had contributed a couple of thought leadership pieces (see Identity & Authentication – Time for a Financial Services digital services passport? and What constitutes a first class digital experience for banking customers?) – this is the compiled paper.

When Intellect used to organise events, they would fill one of their rooms with 20-30 people. Now in their swish new office in the City (which reflects where the industry has moved to), there were over 100 people who attended the launch of the paper yesterday.

Yesterday’s panel discussion of half a dozen representatives from industry associations, government, academia and techUK themselves did very well, answering 45 minutes of questions from attendees.

The future of financial services looks like it will be as challenging as any other industry, perhaps more challenging to financial services companies because the amount of technical debt and legacy systems they need to deal with is more than other industries.

I’m working on two related articles at the moment. The first is “The evolution of identity management leading to financial services globalisation” (any suggestions for a catchier title??!) and second “The implications of personalised insurance products” – a subject which has come up in business discussions three times in the last week.

Please take a look at the paper and let me know your comments. Happy reading.

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