For an industry whose product – the movement and storage of money and the management of risk – is electronic, financial services processes are manually intensive. Surveys show that customers are rarely inspired by the service and yet the consensus is that a digital overhaul of legacy systems will be the work of many years.At the same time, new businesses underpinned by digital capabilities are gaining traction.
Imagine if you could combine what is possible in a new build with the business model advantages of an existing firm. We call this approach greenfield.It means tapping into the same flywheel momentum of growth employed by Big Tech, breaking out of the low-returns cycle. The quality and low cost of new technology, the potential for dramatic change in competitiveness, the reduction in conduct and cyber risks if done correctly, and modern methods for migration, all make this idea compelling right now.
In the 2019 edition of Oliver Wyman's State of Financial Services report we examine the potential for the industry to start again and point to the first steps in the journey – "go build!"