he World Economic Forum released the Future of Financial Services 2015 report, formed out of dialogues with numerous experts in the financial services, innovation, and academic communities.
It embarks on capturing the pulse of disruptive innovation occurring in the financial industry while highlighting the innovations which best positioned to transform financial services.
As consumer expectations rise for digital experiences and disintermediation, innovators are stepping in to offer interesting solutions on the backbone of financial institutions. Their target is to help consumers overcome specific obstacles (e.g. Apple Pay offering point-of-sale simplicity).
To catch the wave of changing consumer requirements, financial Institutions can tap into great opportunities by establishing an eco-system of partners while exposing open banking APIs.
Since innovators have the ability to iterate through solutions at a rate which traditional financial institutions are unable to compete, partnerships have the ability help institutions adapt to changing customers while modernizing their processes and creating greater channels of revenue.