The future of work in financial institutions

Its effects are already being felt in financial services, with the advent of robo-advisers in wealth management, online-only banks and peer-to-peer funding. This technological disruption is also blurring lines across sectors and industries, a development that is especially relevant to financial services. The use of common technologies and platforms is bringing global industries closer together and changing the competitive landscape.The new players include fintech and insurtech companies as well as disruptors in other industries. In Asia, for example, Tesla has partnered with established insurers to offer a vehicle package featuring customised motor insurance that accounts for its vehicles' autopilot safety features as well as maintenance costs. As it moves toward fully autonomous vehicles, Tesla is in a unique position to compete with property and casualty insurers in cases where traditional insurers are not willing to lower the risk premium1.