Which Firm Poses The Biggest Disruptive Threat To Retail Financial Services?

Over the past few months, we've been researching a series of reports about the disruptive potential of various clusters of new entrants into financial services, from social lending and crowdfunding to digital investment managers and digital banks.

But many eBusiness executives are more concerned about the potential impact of technology giants like Amazon, Apple or Google with their deep pockets, technological prowess and broad consumer reach.

I originally posted this question on one of Forrester's internal collaboration platforms, but I was so intrigued by the results from my colleagues I thought I would post the same question here to see whether your perspective similarly is thought-provoking.

Please vote in my poll in the column to the right of this post. ->

Have I missed any firms that you think have even greater potential, or plans, to disrupt retail financial services?

Join The 2014 Financial Services Architecture Survey

Banks and other types of firms in financial services typically like to know the answer to the question: “What are the others doing?” They leverage the answer when, for example, assessing their overall strategic position, planning for the transformation of their application landscape to a more powerful customer-centric approach, or determining the “best” sourcing approach for this transformation. 

  

It is time to update the survey results: Forrester has just started surveying banks in North America, Europe, and further geographies about their major business drivers, the current state of their application landscape, their key issues and concerns, and their plans for the future. At a high level, the survey is designed to answer the question: “What are others doing?” Phrased in a different way, it targets the question: “What are the key trends regarding the transformation of the application landscape in financial services in the Age of the Customer?”

Source: November 8, 2012, “The Transformation Imperative In Financial Services Defies Any Crisis” Forrester Report

To make this survey successful, Forrester needs your help. If you are working in financial services in any role that is related to financial services business applications, architecture and strategy, please participate in Forrester’s Global Financial Services Architecture Survey 2014. If you have not yet received an email invitation, please contact me – JHoppermann (at) Forrester.com and I ensure that you will receive a link to the online survey.

Thanks a lot for your help,

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Banks In Singapore And Hong Kong Must Step Up To The Cloud Challenge

Last week I presented an overview of cloud adoption trends in the banking sector in Asia to a panel of financial services regulators in Hong Kong. The presentation showcased a few cloud case studies including CBA, ING Direct, and NAB in Australia. I focused on the business value that these banks have realized through the adoption of cloud concepts, while remaining compliant with the local regulatory environments. These banks have also developed a strong competitive advantage: They know how to do cloud. Ultimately, I believe that cloud is a capability that banks will have to master in order to build an agility advantage. For instance, cloud is a key enabler of Yuebao, Alibaba’s new Internet finance business. 80 million users in less than 10 months? Only cloud architecture can enable that type of agility and scale (an idea that Hong Kong regulators clearly overlooked).

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