The asset and fund management industry has grown signifcantly in the last decade, with surveys indicating about 65 percent growth since 2007, to over USD 80 trillion in assets under management worldwide.
As its importance to the world financial system – linking those with money to invest with enterprises and activities that require funding – is increasingly recognized, so both the industry and the regulators that police the sector become more prominent.
The industry and regulators are coming under pressure from a range of “external” voices – demanding investors and consumer groups, clamoring political and economic needs, changing priorities and hopes of civil society, an increasingly noisy press, the explosion in social media and the rapid growth of new technologies.
This sea of voices is directly influencing the regulatory agenda and increasing expectations on the industry. A fundamental rethink of firms’ mindset and investment offerings is required.
A new era of business reinvention is dawning. Organizations are facing an unprecedented convergence of technological, social and regulatory forces. As artificial intelligence (AI), automation, Internet of Things (IoT), blockchain and 5G become pervasive, their combined impact will reshape standard business architectures. The “outside-in” digital transformation of the past decade is giving way to the “inside-out” potential of data exploited with these exponential technologies.
Knowledge workers today have a rich portfolio of team collaboration tools to help them get their jobs done, starting with email and encompassing texting, file sharing, online chat and message boards, social media and video conferencing. Yet collaboration across these tools can be a frustrating experience, due to the complexity of the technology and lack of integration. The good news: the application of emerging technologies and artificial intelligence (AI) enables more people to connect when and how they need to. And that makes for more productive teams.
Businesses who have lived through the evolution of the digital age are well aware that we’ve
experienced a generational shift in technology. The rise of software as a service (SaaS),
cloud, mobile, big data, the Internet of Things (IoT), social media, and other technologies
have disrupted industries and changed customers’ expectations. In our always-on, buy
anything anywhere world, customers want their shopping experiences to be personalized,
dynamic, and convenient.
As a result, many businesses are trying to reinvent themselves. Success in a fast-paced
economy depends on continually adapting and innovating. Companies have to move quickly
to keep up; there’s no time for disjointed technologies and old systems that don’t serve the
customer-obsessed mentality needed to thrive in the digital age.
Leading companies and technology providers are rethinking the fundamental model of analytics, and the contours of a new paradigm are emerging. The new generation of analytics goes beyond Big Data (information that is too large and complex to manipulate without robust software), and the traditional narrow approach of analytics which was restricted to analysing customer and financial data collected from their interactions on social media. Today companies are embracing the social revolution, using real-time technologies to unlock deep insights about customers and others and enable better-informed decisions and richer collaboration in real-time.
IT is in the midst of one of its major transformations. IDC has characterized this paradigm shift as the “third platform,” driven by innovations in cloud, big data, mobility and social technologies. Progressive enterprises are seeking to leverage third-platform technologies to create new business opportunities and competitive differentiation through new products such as Dell EMC PowerEdge Servers powered by Intel® Xeon® Platinum processor and services, new business models and new ways of engaging customers.
IT is in the midst of one of its major transformations. IDC has characterized this paradigm shift as the “third platform,” driven by innovations in cloud, big data, mobility and social technologies. Progressive enterprises are seeking to leverage third-platform technologies to create new business opportunities and competitive differentiation through new products and services, new business models and new ways of engaging customers.
Cloud, mobile, social media, and big data were once considered intimidating new technologies by CFOs; today they are the cornerstone of any successful financial department. That’s the evolution of digitization. The role of the CFO is evolving to become more strategic and CFOs of established firms are taking notice that going digital creates value.
Published By: Cognizant
Published Date: Oct 23, 2018
In the last few years, a wave of digital technologies changed the banking landscape - social/ mobile altered the way banks engage with customers, analytics enabled hyper personalized offerings by making sense of large datasets, Cloud technologies shifted the computing paradigm from CapEx to OpEx, enabling delivery of business processes as services from third-party platforms.
Now, a second wave of disruption is set to drive even more profound changes - including robotic process automation (RPA), AI, IOT instrumentation, blockchain distributed ledger and shared infrastructure, and open banking platforms controlled by application programming interfaces (API). As these technologies become commercialized, and demand increases for digitally-enabled services, we will see unprecedented disruption, as non-traditional banks and fintechs rush into all segments of the banking space. This whitepaper examines key considerations for banks as they explore value in the emerging Digital 2.0 world.
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