Boston Consulting Group (BCG) and QED Investors have recently released a global report that envisions the future of finance in 2023. The report, titled “The Future of Finance: A Vision for 2023,” provides insights into the trends and technologies that will shape the financial industry in the next five years.
The report highlights the increasing importance of technology in the financial industry. According to the report, technology will continue to disrupt traditional financial services, leading to the emergence of new business models and players. The report predicts that by 2023, technology will have transformed the way financial services are delivered, making them more accessible, affordable, and convenient for consumers.
One of the key trends identified in the report is the rise of digital payments. The report predicts that by 2023, digital payments will account for more than half of all transactions globally. This shift towards digital payments is driven by the increasing adoption of mobile devices and the growing popularity of e-commerce.
Another trend identified in the report is the emergence of new players in the financial industry. The report predicts that by 2023, non-traditional players such as fintech startups and big tech companies will account for a significant share of the financial services market. These players are expected to leverage their technological capabilities to offer innovative products and services that meet the evolving needs of consumers.
The report also highlights the importance of data in the future of finance. According to the report, data will be a key driver of innovation in the financial industry, enabling companies to better understand their customers and offer personalized products and services. The report predicts that by 2023, data analytics will be a core competency for financial services companies, and those that fail to invest in this area will struggle to remain competitive.
Finally, the report emphasizes the need for collaboration between traditional financial services companies and new players. The report predicts that partnerships between banks and fintech startups will become increasingly common, as both parties seek to leverage each other’s strengths to offer better products and services to consumers.
In conclusion, the BCG and QED Investors’ global report provides valuable insights into the future of finance in 2023. The report highlights the increasing importance of technology, digital payments, new players, data, and collaboration in shaping the financial industry in the next five years. Companies that are able to adapt to these trends and embrace innovation will be well-positioned to succeed in the rapidly evolving financial services market.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: Plato Data Intelligence: PlatoData
Reddit and Google Sign $60 Million per Year AI Content Deal Prior to IPO
In a groundbreaking move, Reddit and Google have recently signed a $60 million per year artificial intelligence (AI) content deal,...