The digital transformation imperative in financial services

The digital transformation of financial services organizations has led to a deeper sense of collaboration, competition, and innovation across sectors. As these businesses continue to connect and transform, the Institute of International Finance (IIF) and Deloitte have been working with both public and private institutions to gain a better understanding of where these developing ecosystems fit into the industry. Explore the findings in two reports that cover the move from open banking to open data, as well as the rising importance of embedded finance.

The market for industry clouds is expanding at a rapid clip. For the banking and capital markets (B&CM) industry, it’s perhaps still just a buzzword, but may be a phenomenon worth considering since it can potentially unlock greater value from banks’ digital transformation initiatives.

Core-system modernization is becoming table stakes

Harnessing neuroscience to get to the truth

In breaking down the barriers between user interactions and transactions, super-apps meld experiences previously treated as distinct. In this three-part series, we look at the impact these apps and their development will have on Western markets and consumers.

A financial institution addresses what AI does when no one is looking

Privacy is a two-sided coin for financial services firms. On one side: formidable challenges. The other: untapped opportunities. Learn how firms can flip the coin to build value and engender more consumer trust.

The accelerated adoption of technology in financial services is giving rise to new sources of risk, which can accumulate across the ecosystem to form systemic risks. These risks are often difficult to interpret and anticipate, and hence, not easily mitigated.

The decision to buy (vs. build) banking technology is more compelling than ever. An actionable road map for digital transformation based on learnings from the financial industry.

Disruptive forces—like open data, changing customer expectations, disintermediation of the value chain, and more—continue to shape the future of financial services. Many financial institutions are embracing digital innovation to help them tackle these shifting market dynamics.

This report explores the multiplicative impacts that emerging technologies will have on the financial services industry when they are clustered together and deployed strategically against key business challenges.

The will to modernize banking, innovate, and offer customers a better lending experience was already there. Then Regions found the unified technology platform it needed to make working with—and for—the bank faster and easier.

Recent dynamics in retail investing suggest that there is an emerging class of individual retail investors with distinctive motivations and behaviors. Here, we take a closer look at the factors that contributed to the rise of these empowered investors and what they mean for financial institutions.

As the investment management industry increasingly adopts AI solutions, new technologies—including natural language processing—are helping investment analysts with their most “human” responsibilities, including making investment decisions.

To reap the full benefits of new artificial intelligence and machine learning technologies, banks must move beyond the hype and consider the practical applications of AI. Discover use cases for mainstream deployment of AI in banking and how to enable successful implementation.

As banks move to digitize their core banking platform, they need to consider how quickly they want to bring about change and understand the implications of their modernization journey. Our report explores five options for banks to consider as they implement their core banking transformations.

Legacy platforms hold important data. But fragmentation often requires companies to direct large portions of their budgets to solving data challenges, rather than focusing on business needs. Explore five areas where big data in asset management can help you get started on transformational initiatives, while staying within a realistic IT budget.

As the insurance industry adapts to shifting market conditions, some roles will likely need to be transformed as well. Learn how insurers could multiply value creation by modernizing the underwriting function now.

Regional banks play a vital role in the US financial ecosystem. But these days, they’re playing from behind—at least when it comes to their IT infrastructure. One key area that constrains them is cloud and technology infrastructure. How can regional banking institutions evolve their technology to compete with industry heavyweights?

Cybersecurity for financial institutions was critical before COVID-19 hit—and likely even more so now. Deloitte and FS-ISAC survey reveals why firms may need to prioritize and reinvest in cyber protection programs.

Financial services firms need to manage digital risk, to deliver a better customer experience, make firms fit for the future, and to create a more resilient financial services ecosystem.

The financial services industry is at a pivotal moment. Among other forces, human dynamics are reshaping global business and society, transforming the economy to one no longer led by producers, but by consumers. In a future where firms’ success will be deeply intertwined with their social impact, Deloitte’s financial services industry specialists have the experience and insight to help forward-looking clients lead the way in a human-centered economy. Our comprehensive, integrated services and solutions span banking and capital markets, insurance, investment management, and real estate. Join us in adopting a more human-centered form of capitalism that elevates the bottom line of all stakeholders.

The role of financial services in the economy and society is evolving. The Deloitte Center for Financial Services is dedicated to helping leaders succeed through these changes with data-rich, fact-based research that provides timely insights on the most pressing issues facing the industry.

It won’t be enough to keep pace with the digital economy of the future. To truly realize its potential, you have to lead the way. Our Banking & Capital Markets specialists can help by working with you to anticipate challenges, as well as develop and implement strategies that address regulatory reform, technological complexity, competitive dynamics, and the shift toward a higher bottom line.

How do you meet the always-evolving expectations of customers while improving profitability and balancing the demands of regulatory change? Deloitte can help you navigate the rapidly shifting landscape of a human-centered economy. Our multidisciplinary approach brings together specialists in actuarial, risk management, strategy, operations, technology, tax, and audit to do for you what you do for the people and businesses your company insures: give them a future they can feel good about.

A future where more people have broader access to opportunities for greater wealth. It’s the promise of human-centered capitalism, and our investment management industry professionals can help you rise to the occasion. Whether you are in private equity, hedge funds, or mutual funds, we can help.

Deloitte’s US real estate practice can help guide your business into the future of capitalism with a multidisciplinary approach that combines deep knowledge, insight, and a human-centered focus on transformation. We customize our services to fit the specific regional, national, and global needs of owners, operators, investment advisers, property managers, leasing operators, and occupiers. Our services include financial statement and internal control audits; accounting and reporting advisory; taxation; location strategy; finance transformation; and more.