Innovation in financial services -- Financier Worldwide

New technologies have enabled banks, insurers and other financial services firms to overhaul their operations and identify different ways of serving their clients. Over recent decades, innovative products have transformed the financial services industry – from payment types including credit and debit cards, to transaction processing such as telephone and online banking, to saving options such as investment funds and structured products, to e-commerce for financial assets, to risk management techniques, and beyond. Financial services firms must embrace the opportunities offered by innovation and further integrate disruptive technologies, such as artificial intelligence (AI), advanced analytics, robotics, the cloud and blockchain, to enable new services and capabilities. While there is still a place for traditional banking and financial services, customer expectations and preferences are evolving. According to VMware, almost half of UK consumers prefer to engage with banks via apps rather than in person, while two-fifths believe their smartphone is more important than their wallet in powering financial transactions.