With the exponential growth of the IoT, payment functionality will soon be embedded in virtually any type of device. Instead of carrying a physical wallet with bank cards and cash, we will increasingly move towards contactless payments. In the not too distant future, we will be making payments with our smart car key fob, our fingerprints, our favourite ring or from within our social media profiles. The possibilities are endless.

Blockchain creates a global ledger of transactions distributed over an immeasurable user network that can’t be altered after they have been created. It’s tamper-proof, secured by advanced cryptography and has no central authority. The blocks containing the transaction data are electronically chained together. The whole system is has so far proven immune to hacking.

P2P, peer-to-peer or person-to-person is an online technology that enables people to transfer money to another person’s account using a mobile application or online interface. While there are designated money transfer apps such as PayPal, Skrill and WePay, payments can also be made via Twitter, SnapChat, Google and Facebook. P2P offers access to financial services at a lower cost and increases convenience.

The financial services industry has recently witnessed the rise of digital innovators like FinTech startups and non-bank companies in media, e-retailing and other industries, presenting a serious threat to traditional business models. There’s the risk of losing customers to these providers as they raise customer expectations. Traditional banks need to look to the FinTech movement for inspiration on how to become more agile, offer improved products and provide better customer service.

Having witnessed significant disruption in other sectors, financial institutions are acutely aware of the potential of artificial intelligence. After observing tech giants and startups implement AI to streamline their operations and improve how they serve their customers, financial institutions have also started to invest in this new technology. It provides them with powerful tools to reshape some of their most fundamental operating models and processes.

Robots are transforming the wealth management industry as well, and new investors are starting to see the advantages of robot advisors providing financial advice. Digital advisors or robot advisors are automated online services that offer easily accessible, affordable and algorithm-based portfolio management advice – ranging from tax management to asset allocation, trade execution and product selection - based on the answers to a series of questions about a client’s objectives.

Up until recently, in a world of extreme transparency, the finance industry has somehow managed to remain one of the few last bastions of client confidentiality. But the tables are turning, even in finance. The Internet is the largest threat to privacy, and these days, cybercrime is big business, significantly impacting the way the financial services industry operates.

The company of the future is hyper connected. It closely monitors new developments and collaborates with startups, scientists and universities. It uses smart algorithms to analyse the world and employs a flexible workforce capable of rapidly developing new products, services or processes and offering support on complex issues. The company of the future requires accessible leaders who inspire, have new visions and are prepared to veer off the beaten track.

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