Oliver Wyman and the World Economic Forum have collaborated to produce a new white paper: Balancing Financial Stability, Innovation, and Economic Growth (FSIEG).
In an effort to understand better the implications of the Fourth Industrial Revolution – a technology-led transformation that is fundamentally altering the way people work, live and relate to one another – the World Economic Forum has prioritized a review of the financial system through the launch of a new initiative: Balancing Financial Stability, Innovation, and Economic Growth (FSIEG).
This initiative is part of the World Economic Forum’s System Initiative on Shaping the Future of Financial and Monetary Systems, which aims to build a more efficient, resilient and equitable international system.
Visualization of Future State of the Financial Services Sector
More collective action between industry participants will ignite change and help to realize significant benefits
As part of the FSIEG initiative, the Forum has held a series of roundtable discussions and completed interviews with industry executives and experts to examine the technological transformation taking place in financial services. This white paper provides a summary of findings identified during the ongoing discussions and interviews, which at a very high level can be condensed in the following four points:
- Further major innovation-driven change is coming in financial services.
- Joint, concerted action is needed to enable the system to reap the benefits of innovation.
- Managing some systemic risks introduced by this wave of innovation poses challenges.
- The financial services system would benefit from certain tools to achieve greater enablement and risk management.