Higher demand for instant access to information, hyper-personalized experiences and better security is shifting the financial services industry, with the additional layer of consideration for regulation. Despite this shift, the majority of financial institutions lack the technological infrastructure and strategy which meet compliance and regulation requirements whilst facilitating innovation.
The panel was held by IBM during their Financial Industry Editors Forum in June 2022, to overlook how consumer behavior, economic headwinds and technological trends are converging, leading financial institutions to adopt digital models and to form symbiotic relationships with fintechs. The discussion broke down challenges faced by the financial services industry today, and how technological disruptions are shaping a new era in the sector. Speakers addressed how financial institutions and fintechs can collaboratively satisfy the needs of digital native consumers, find new revenue sources and meet needs of traditional customers.