Financial services businesses are not prepared for tech disruption

Now, more than a decade on from the events of 2008, the finance industry is far from settled. It’s chaos at the speed of the digital era. In fact, the next five years are set to be just as dynamic as the previous ten – filled with challenges and disruption but equally, presenting opportunities for those that navigate the period well.

The sector is no stranger to disruption. But our new research – The Future of Financial Services: Planning for every eventuality – reveals that the next five years will be just as dynamic as the past decade – with struggles to meet new regulatory directives, fintech disruption and the reality of a no-deal Brexit adding to the ensuing uncertainty. 

With challenges and disruption around every corner, many businesses end up behaving like a rabbit in headlights – freezing motionless, adopting a wait-and-see approach to running the business. But this is a dangerous game to play and the quickest way to be left behind by more agile competitors. 

Organisations need to understand the environment that surrounds them, have a clear view of what is approaching on the horizon and then connect that to their own business information - enabling them to plot a route to success. Business leaders who remain calm and proactive in a crisis will have the edge and plan for the ‘what ifs’ of every outcome. It’s all about controlling what you can and being able to react quickly to the things you can’t. 

So, why then do so many companies still run their businesses without proper planning tools in place? For an industry that is being constantly disrupted by rapidly evolving technology, chasing ever-changing regulation and compliance and trying to make decisions in a market defined by unprecedented political and economic uncertainty – this is impossible.

Businesses must revaluate their approach and turn to Connected Planning. By using the latest technology to bring people closer to plans and data, organisations can make more informed decisions, at the speed of modern business. Leaders have the ability to quickly connect and verify different data sources. Breaking down silos, they can access a clear view of what’s needed in order to formulate and adapt solid, evidenced-based plans. Only then can you be armed with the insight you need, at the speed you require to face the challenges and disruptions that will shape the financial services industry in the years to come.