World Economic Forum examines possible future influences on the financial industry.
Fintech developments will have a substantial impact on the future shape of the Financial Services industry, including financial firms, consumers and regulators. New types of products will be developed, and sometimes be delivered to customers through different processes and channels.
In a study for the World Economic Forum (WEF), Rob Galaski from Deloitte has assessed which current product and service developments are proving to be successful and how they are reshaping consumers’ behaviour. He has also looked at developments that have failed to produce a significant impact.
Rob has identified a number of factors that will have the potential to shift the competitive landscape of the financial ecosystem, and they include: rigorous cost control, introducing efficiencies by analysing big data and identifying future innovations, harnessing technology, and developing a single but flexible platform to distribute products and services which may influence how they are consumed. Ownership of the interaction with the customer is key to building a flexible and dynamic business model. He will share his perspective on which innovations or disruptive forces may be most relevant to financial services businesses, what are the subsequent uncertainties, and how will they impact core functions, customers and the overall ecosystem. Globalization does not need to lead to uniformity: products and services across regions may reflect local regulatory preferences by regional authorities, and the varying needs and preferences of consumers in different parts of the world.
Rob is the Americas’ Region Financial Services Leader and also a Partner at Deloitte.
Rob is based in Canada and works with clients in the US, UK, Continental Europe, Asia and the Middle East. He specializes in developing growth-oriented strategies for clients, including: corporate and business unit strategy, channel strategy, customer strategy and M&A.