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The financial services industry is in the midst of a colony collapse disorder – in simpler terms ‘getting decentralized’. If we think ahead of time, maybe 2030, the primary thought that occurs is, ‘Will there still be the financial institutions that are holding autonomy in the current market?’ The answer is a resounding yes. In place of the monolithic, centralized organizations that dominated 2017, we might see self-determining, intelligent, distributed, peer to peer value exchange services.
With such an industry-defining change predicted and expected, there is bound to be collateral impact on the business and IT. Businesses today are no more following the value chain business model, and instead are platform-based. The foundations, on which the new financial services organizations will be built, will be distributed. This is where Blockchain technology comes into the picture.
Blockchain along with IoT and AI will be a premium technology in the financial industry. Even though these technologies are at an infancy today, we might see them taking centre stage in the near future. Hence, c-suite executives need to improvise on their knowledge of these technologies to guide the finance sector swiftly through the upcoming turbulent times.
Finally, the new world order is all set to move away from the traditional financial hubs – New York, London, Frankfurt, and Tokyo to India, China, Brazil, and Indonesia.
By Kim Tracy, CIO, Northeastern Illinois University
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