What will the future of financial services look like?

Over the years, financial services have undergone constant changes, moving closer and closer to technology and digital tools to meet the needs of customers.

For this reason, the study "Five megatrends that will change financial services" conducted by Deloitte Consulting LLP and the World Economic Forum, focused on analyzing the transformations that have been seen in banking systems and also on predicting what the future will be like for this economic sector with the constant evolution of connectivity.

Technology transforms financial services

Megatrend 1: The first trend that has been present for several years is the constant change in customer preferences, therefore, the modifications that are being presented consist of transforming banking experiences until they become totally virtual, limiting the presence to specific issues. These digital tools will be characterized by being agile and easy to access, for a citizenry that every day becomes more familiar with technology.

Megatrend 2: The next one, which will mark changes in the coming years, will be that in the area of payments, the world will be able to live without cash. Although many people now cannot conceive of their lives without bills in their pockets, applications and connectivity provide many guarantees in terms of security and agility to make us change our minds.

One of them is Smartcash, a tool offered by the company Nuvu to make payments in a more efficient and secure way. These are the digital alternatives that will guarantee the transition to the digital environment in the financial ecosystem.

Investment also changes in the digital era

Megatrend 3: Focuses on capital markets and platforms for raising money, which will be allies in the evolution of markets. The Deloitte study indicates that these tools are aimed at different audiences, some focus on startups and others target professional investors, which makes companies and their projects more visible to potential allies who can help finance their plans.

Megatrend 4: This corresponds to the management of investment portfolios, focused on the empowerment of customers, investment banking is being updated with the use of AI in its operations, automation generates agility and security when analyzing the data provided.

With this, accessibility, transparency and timely online customer interaction can provide much more profitable results for companies that choose to modernize with this technology.

Megatrend 5: Finally, the future of insurance will see variations with the fifth megatrend which will be seen in the increase of connectivity, for example, in price adjustments as it will be based on individual risks instead of collective risks, in order to give fairer and more personalized values. In addition, these tools help reduce fraud.

In general, the technological environment will make it easier and faster for customers and banks to interact through digital financial services , taking into account that connectivity provides security and immediacy in processes that previously felt time-consuming and risky in person.