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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 organisations 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 affecting 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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Platform business models are quickly gaining traction in the financial services sector. In this third report in our series with the IIF, we identify the trends driving this emerging development, outline the archetypes of platforms that are likely to take shape in the coming years, highlight the roles and competitive dynamics of key stakeholders and look at the internal and external conditions for platforms to succeed.

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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 Financial Services Industry group and the Global Financial Services Consulting Services practice. He oversees Deloitte’s four global financial services sectors–Banking and Capital markets, Insurance, Investment Management, and real estate. He is charged with developing and executing the industry group’s overall strategic direction and go-to-market strategy. Neal works with Deloitte professionals across the globe to strategize, coordinate, and enhance services for financial services clients. Dedicated to helping clients grow and improve their ability to compete, he advises senior executives on their transformation efforts with a focus on harnessing the power of disruptive technology. His strong understanding of the competitive dynamics across all financial services sectors—including both economic and structural challenges—allows him to provide critical insights on the complexities now driving change. Having spent his entire career in the financial services industry, Neal has worked extensively across the North America, Asia Pacific, the United Kingdom, and Europe.
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