The digital age is changing financial services and many of our financial services products and services are being updated to cope with the changes.
As the financial system becomes more digital and services become more automated, financial services providers will have to make hard choices to ensure their products and products services remain accessible and responsive.
The Financial Services Council is a forum for leading financial services industry leaders and stakeholders to share ideas and insights on how to keep financial services services viable and responsive to the changing world.
We have recently launched a Digital Finance Strategy which highlights the key challenges facing the financial sector and how we will work to keep our financial products and businesses relevant in the new digital era.
The FSC’s Digital Finance Report has been published in collaboration with the Australian Securities Exchange (ASX).
It lays out the key areas where we are focusing our resources to tackle the challenges we face.
These are highlighted in the table below.
We want to thank the FSC for making this resource available and we hope it can be a useful resource for those of you who are interested in learning more about the challenges that financial services companies face in the coming financial services environment.
Financial Services Association digital finance strategy The FSA’s digital finance report focuses on how we are managing the risks and opportunities in our financial markets to keep the services we offer accessible and relevant to the digital era, while continuing to deliver high-quality services to our customers.
As part of this digital finance approach, we will focus on a set of key areas for future focus: • Financial services markets and consumer behaviour • Customer engagement and behaviour • Financial information and service delivery • Financial technology and digital platforms • Banking and credit management The digital finance framework for the financial service industry, as well as for the broader financial services community, will be released in March 2018.
It includes key recommendations from the FSB’s Digital Futures Task Force.
The task force is chaired by the former Federal Treasurer, Ian Macfarlane, who served as the FCA’s chief executive officer from February 2015 to January 2017.
Its report, titled Digital Finance and the Future of Financial Services, is available on the FSA website.
This report lays out four key areas of focus: The Digital Future Task Force will focus over the next few years on the following areas: • The future of financial markets, including how to support innovation in financial services • How to ensure the continued development and continued growth of financial services in a digital world • The development and adoption of digital tools, processes and services that support the development of financial products that will be accessible to the new generation • The opportunities and challenges for financial services businesses to keep their services relevant in a global economy that is increasingly digital • How the FSF is working with other financial institutions and industry groups to help financial services organisations stay competitive.
This will include working with them to create a more connected and resilient financial services economy, and will also include sharing information and best practices to help banks, financial institutions, and other financial services players stay up to date with the technology and changes that will affect the way they operate.
Financial services industry needs A new digital economy requires financial services firms to be more resilient to disruption, to innovate, and to be able to deliver the kind of high-value services that customers expect.
To meet these needs, the FSE is developing the FSR.
The focus of the FSSR is on helping financial services markets keep pace with the rapid pace of digitalisation, by providing the financial markets with a framework for responding to the evolving digital environment.
This includes: • Identifying and developing the new financial products to meet the changing demands of a digital economy • Ensuring that financial products remain relevant and relevant for the evolving needs of the digital economy, particularly in the face of increasing competition • Working with the financial institutions to deliver new and innovative products and technologies to meet customer needs • Providing a framework to ensure financial services have the necessary tools and systems to provide financial services to the customer in the evolving world of the new economy.
The financial services market is becoming more and more digital, so it is important that we continue to stay relevant to this digital economy.
For more information about how financial services are changing and what the future holds, you can read our Financial Services Industry Transformation Plan.
To read the FSU’s Digital Transformation Plan, please click here.
Financial Institutions digital transformation The Financial Institutes Digital Transformation Program, as it is currently known, is a series of actions undertaken to enable financial services institutions to become more resilient and responsive in the wake of the financial crisis, in particular to the pressures posed by technology, digitalisation and disruptive innovation.
It aims to help the FIS to build a digital platform that can support the digital future, while supporting the financial industry to remain relevant in an increasingly digital environment, while providing the required tools and capabilities to deliver financial services for customers.
The program aims to address five major challenges facing financial services today: • What can be done to keep services accessible, responsive and relevant?
• What is the FSI’s