Navigating technology trends in Financial Services
The Financial Services edition of TechnoVision aims to help business and technology leaders navigate the complex yet indispensable world of emerging technology and tech-enabled innovation.
Agility and speed are key drivers for the transformation of the financial services industry. Our theme for this year’s TechnoVision is ‘Be Like Water’, which focuses on the fluid strategies and architectures of a modern Technology Business. To achieve this adaptability, Banks & Insurers must use digital systems and services to transform into nimble, customer-focused organizations.
Uncertainty barely describes what is happening. At the outbreak of the pandemic, technology adoption helped businesses with survival and continuity; transforming thereafter to creating resilience in a new business reality. Now, business and technology leaders must use technology to fuel a renaissance – a digital revolution – reimagining business models and reordering new and existing players in a rapidly evolving, technology-driven network.
We are proud to bring the Financial Services edition of TechnoVision 2021 to you. TechnoVision, in its 13th year, is our holistic approach to technology, to enable organizations anticipate the new trends, assess their potential, validate their enterprise readiness and exploit them. This edition illustrates and brings to life how some Banks and Insurers have embraced upcoming technology trends articulated through TechnoVision building blocks, towards driving technology fueled growth and business success.
You can also read the TechnoVision Change Making report to understand these emerging trends in detail.
What is the TechnoVision framework:
TechnoVision categorizes technology drivers into six containers that cover the ‘what’ of Technology Business trends and one container of overarching design principles, the ‘how’ of creating a balanced Technology Business.
Two core containers cover trends in the foundational building areas of infrastructure and applications, named Invisible Infostructure and Applications Unleashed respectively. Two more form the spine of any innovative IT household, Thriving on Data for leveraging data and Process on the Fly to leverage processes. The final two containers cover channels to the outside, connected world, You Experience for creating seamless, individualized user experiences, and We Collaborate to tap into the power of social connectivity. The final container of overarching design principles (the ‘how’) that should be kept as part of a mindset – and a powerful checklist to apply – throughout the journey towards becoming a fully portable, continuously flowing, and well balanced Technology Business: Balance by Design.
These containers are built of 37 building blocks, described through short summaries, designed to cover emerging technology trends in each of the respective containers. These are also linked to use cases and stories towards banking, insurance and cross-sector applications to inform and inspire you on how these tech-trends can be adopted by businesses.
How to read TechnoVision:
Depending on your area or tech-stack of interest, you can either zoom in to any one of the containers and read them individually or read the whole for an overview. If you are a first-time reader, we would recommend reading the “Overview of TechnoVision” on page 5.
How to apply TechnoVision:
TechnoVision along with being a report that informs you of the impact of emerging technology-trends is also a tool. It helps you tell your Technology Business story – and you can apply a series of engaging tools to help your organization think about future trends in information technology.