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The ecosystem imperative

Looking at the impact of ecosystems across the financial services industry

Michael Tang
Neal Baumann

The digital transformation of financial services organizations is extending into ecosystems, introducing new players and shifting traditional roles. The Institute of International Finance (IIF) and Deloitte have been working together, speaking with public and private institutions, to better understand how these new ecosystems are impacting the industry. These ecosystems are evolving into dynamic networks who create value through complex models of collaboration, competition, and innovation.  We will look at this across several dimensions in a series of reports.

In this report from the IIF and Deloitte we look at the impact of data policies and the importance of broadening the scope from Open Banking to Open Data, not just Open Finance. We explore how different data-sharing frameworks function as ecosystems with the potential to achieve goals for policymakers and market participants alike. 

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Embedded finance is becoming an important strategic consideration for financial institutions (FIs). For this second report, we interviewed financial experts asking them a number of relevant questions for practitioners, policymakers, and consumers, including: What is embedded finance? Why has embedded finance flourished? How is it manifesting? And, where is the embedded finance trend headed?

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Stay tuned for the final two reports in the ecosystem imperative series, launching later this year.

Michael Tang

Deloitte - Global
Michael is the appointed Industry Managing Partner of the Technology, Media and Entertainment & Telecom (TMT) Practice in Canada & Chile. After spending almost two decades in the Financial Services Industry-focused from Large scale delivery to disruption & innovation, he is heading back to his foundational roots of Technology, and pivoting from Digital Transformation to how the role of The Ecosystem and how Industry Convergence is enabled by Technology. Michael brings his experience working with Senior Executives across FinTech to BigTech on industries’ most challenging signature issues by blending in his innovation and creativity toward building a Technology focused practice at Deloitte. As traditional industry lines continue to blur, Michael believes that technology will play a pivotal role in the transformation across all industries. He leads Deloitte with helping build and shape a practice servicing the firm’s Technology & Media clients to scale and grow with providing services of Audit, Tax & Advisory. He also works with the ecosystem of Venture Capital, Private Equity, and various Innovation communities.
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Neal Baumann

Deloitte - Global
Neal leads Deloitte’s Global Insurance practice and the Global Financial Services Industry Consulting practice. He has 20 years of experience advising financial services and insurance company clients on corporate and competitive strategies across industry segments, including life insurance, wealth management and premium financial services, investment and funds management, superannuation and pensions, and retail banking. Neal has had advisory and consulting roles in the US, Australia, New Zealand, UK and across Asia.
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