As the financial services industry bids adieu to the black-swan events of 2020, businesses, individuals, and governments speculate about what’s next. We believe the evolutionary transformation and significant changes of recent years will continue – on steroids – in 2021. Market forces – digital consumers’ rising expectations, mounting operational costs, a groundswell of as-a-service technologies, the unpredictable risk landscape, COVID-19-sparked regulations, and rising interest in sustainability – have quashed thoughts of business as usual.
We found that amid the challenges, however, numerous opportunities and profit streams are unfolding. To remain on the upside of the 2021 success equation, banks and insurance firms must skillfully adapt and reinvent their business models and offerings accordingly.
Top Trends 2021 explores and analyzes the variables we expect to shape the financial services ecosystem in 2021 and beyond.