The future of finance is digital. Algorithms will coordinate banking, insurance and investments. It’s time for new business models. Technology changes banks and insurers. Artificial intelligence pays claims and improves the digital customer experience.
We also use technology to keep hackers at bay. We need new thinkers and doers. Led by visionary leaders, they will form the backbone of the financial organisations of the future. Are you ready?
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AI, the beating heart of tomorrow, touches every finance department. Self-learning systems analyse, connect, and create anything imaginable. This presents opportunities as well as threats. How do we prepare for this technological revolution that demands new skills and a proactive approach to ethics and safety?
In the future, we’ll use digital platforms for borrowing and saving money. Chatbots and AI will ask questions, find the right answers, and draw conclusions. Our digital financial advisor will always be close by, advising us on how to organise our financial life. Will we still trust our current financials or switch to the likes of Google, Amazon, or Apple?
The wealth management industry is increasingly embracing digitalisation, with robo-advisors and AI-based investing being the most important developments. Robo-investments require little to no human intervention, with services ranging from automatic rebalancing and tax optimisation to long-term investment planning. And wealth managers are already using technology to personalise investor experiences and increase their chances of success.
What if you could get insured in 90 seconds? Or have a claim approved by algorithms in three minutes? Digital insurance is getting smarter and impressively efficient. Sensors will soon track our bodies, vehicles, and homes to spot risk factors. Drones will inspect buildings for defects, and data analytics tools will check paperwork to uncover fraudulent claims.
In the future, we will pay with a swipe or a smile. In the background, business systems will automatically carry out all kinds of processes. We will also be able to pay with our self-driving cars or personal wearables. Smart contracts will be finalised as soon as a job is marked ‘complete’ on the blockchain.
Open banking policies force banks to provide third parties with access to our financial data, enabling startups to develop money-saving apps. Digital platforms also enable you to lend money to others. Welcome to the age of banking-as-a-service! Personalisation will be taken to a whole new level. In the future, the financial needs of customers will be identified and predicted.
Banks are the perfect targets for hackers. Stealing biometric data or login details enables criminals to siphon away millions of dollars. But financials are getting increasingly high-tech as well, using smart algorithms to protect our accounts. However, as more and more IoT devices go online, criminals have more points to attack. And quantum computing could make traditional encryption methods useless.
In many ways, people are no longer separate from technology. It is, therefore, important to keep an eye on the moral side of technological developments, consider the implications for the world of tomorrow, and ensure we take important ethical considerations into account. We need to determine our boundaries and voice our opinions about how people and machines should work together.
In the future, employees in finance will need to become digital natives and learn to use tech to their advantage. They’ll need to be able to assist customers in person, as well as remotely. As banks, startups, and tech companies scramble for customers, the finance industry needs to diversify its workforce, hiring thousands of software developers, cyber-security experts, and engineers.
The future of work requires a new type of manager, who challenges the status quo and is willing to abandon entrenched ‘best practices’. There will be a move to flatter hierarchies as millennials are great team players and see traditional hierarchies as outdated. The managers of the future will offer employees opportunities to develop new skills and explore new positions.
The organisation of the future is hyper connected. It closely monitors new developments and collaborates with start-ups, scientists, and universities. It uses smart algorithms to analyse the world and employs a flexible workforce capable of rapidly developing new education concepts. The organisation of the future requires accessible, inspiring leaders who are not afraid to veer off the beaten track.
For over 10 years, Richard has been a highly sought-after speaker for renowned global organizations and is among the top international speakers. He is also the founder of the future intelligence agency, Trendforce.one
His passion is to inject a fresh new mindset that helps individuals and organizations understand, embrace, and explore the world of tomorrow.
Through his future intelligence blog, he shares new insights weekly about the future, inspiring trends, and the latest developments. There are over 2000 articles and more than 60 books and e-books available.
As a futurist, keynotespeaker and trendwatcher, Richard van Hooijdonk is an authority on new technology. He has several Chip-implants, because he wants to physically experience the future. His inspiration sessions have been attended by over 600,000 people. Richard is a regular guest at radio and television programs.
With his international research team, he researches many trends in the field of artificial intelligence & generative AI, robotics, drones, self-driving systems, 3D & 4D printing, sensors, blockchain, quantum computing, neurotech, biotech, platforms and augmented & virtual reality. Combined with artificial intelligence, these technologies offer groundbreaking opportunities, but also lead to challenges and threats for people, organisations and governments.
