As digital continues to shape and disrupt the financial services (FS) sector, the emerging global technology trends for 2017 show the way forward—it’s all human!

The key theme of Accenture’s Technology Vision 2017 report, ‘technology for the people, by the people’, describes a new wave of disruption in which people no longer adapt to technology; it adapts to us. It is a call to action: to ride this wave, FS organizations will need to actively design and direct technology to augment and amplify human capabilities.

This will have a profound impact on FS organizations.

Our Technology Vision annually identifies the most significant technology trends that will disrupt business. The near-future world that these trends describe is already familiar—it’s a world in which:

  • New technologies like artificial intelligence (AI), the Internet of Things and big data are being leveraged;
  • Natural interfaces (voice, gesture) are taking over from browsers;
  • Deep learning algorithms enable technology to constantly adapt to human needs;
  • Businesses are staffed by an on-demand workforce able to adjust rapidly to digital transformation;
  • Human-centered design anticipates and meets user needs;
  • New business and partner ecosystems form dynamically.

It is also a world in which new territory is being charted, where FS organizations have the opportunity to play a leading role.

Firms have already bought into this future, but what will they need to do to participate and thrive, and how will this impact their organizations?

In a new series of six blogs, I delve into these questions and look at the opportunities. First though, a broad look at FS execs’ responses.

Financial services executives speak

Of the more than 5,400 business and IT executives surveyed across 31 countries and 16 industries, over 1,100 were insurance and banking executives. Their responses provide an incisive look at how the sector is responding to the emerging opportunities highlighted by the Technology Vision 2017 trends.

Recognition of the accelerated pace of change is high:

  • More than 85 percent of insurance respondents agree that technology advancement is now exponential.
  • A similar number, 86 percent of execs, agree that their organization must innovate at an increasingly rapid pace just to keep a competitive advantage.

There is also awareness of the need to take a human-centered technology approach:

  • Over 80 percent of the banking executives surveyed agree that the next industry leaders will be those organizations that can tap into human motivation and desire, and design the customer experience around it.

A new role in a changing world

For FS organizations, participation in this new wave of disruption, which will be defined by the emergence of solutions that seamlessly anticipate people’s needs and deliver hyper-personalized experiences, will mean evolving and reinventing their businesses, services and products.

This will fundamentally change relationships and roles within the organization and with customers. It will also bring change to the business’s priorities and its operations. And even as new products and services are created and new revenue streams are uncovered, FS organizations will begin to reposition themselves to find their places in a changing world.

I will be exploring this change in my next six blogs posts. Stay tuned by following me on Twitter.

Meanwhile, for more on Accenture’s Technology Vision 2017 trends, visit our cross-industry page or download our Banking or Insurance industry reports.

 

 

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