The evolving needs of customers, advancing technology, and ever changing regulatory environments are all catalysts for change. Between now and 2030 businesses will not only need to look at ways of keeping pace with these changes, they will need to balance those changes with external factors and shareholder needs.
Key players will be those who have been innovative, not only with technology, but also with products and their overall customer propositions. The most successful businesses will be those that are agile in their way of working, have listened to their customers, and have been able to adapt to the pace of change whilst at the same time staying true to their purpose, values and beliefs. Embracing regulatory change early in the process will also be important, therefore those who are able to find opportunities to work alongside their partners and support the changes will be in an advantageous position.
In regard to the role of technology in the next decade or so, in today’s modern, ever evolving world customers are already globally mobile and therefore their needs are such that there is an increased demand for innovation and online experiences. People are tech savvy and they want services which are quick, easy and convenient in nature. However, even though customers want a seamless experience which demonstrates connectivity and accessibility at the touch of a button, I don’t believe that technology could replace for instance, a human adviser, and therefore I believe that the need for human led interaction will remain in some shape or form.
There are a number of technologies emerging now that might be commonplace by 2030. I think that companies today do, and will continue to, look at how they can improve their operational model and create improved efficiencies. They have to in order to ensure shareholder return and greater customer outcomes.
Technologies such as Robotic Process Automation (RPA) Technology, which is used to automate data entry across multiple systems, and Artificial Intelligence (AI), will prepare businesses for the future.
In our business we are always looking at ways to use technology to increase our market share and to constantly improve customer service. It plays an important role in enhancing our reputation for leading the pack by placing customers first, but at the same time recognising the delicate balance that must be achieved between the advantages that technology and automation can provide for customers, versus the need for human interaction.
Some businesses may be able to replace back office functions with apps and other technologies, but I think that this will depend on the business that you run. For some, I don’t think that technology would ever be able to replace a human interaction, so it wouldn’t be a case of one size fits all, it will very much depend upon the operating model of any particular business.
In regard to the impact of regulation in 2030, firms will need to look at regulatory changes around the world, as opposed to those just on their doorstep. With clients being globally mobile and having assets in multiple countries, regulatory changes in major economies will often impact what businesses do and how they evolve, whether directly or indirectly. Whilst the future is that of an increased demand for innovation and online/digital experiences, I think the jury is out regarding the verdict on how the changing regulatory environment influences how technology is developed.”
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Cyber threats (and the mechanical whirring noise of domestic robots!)
Over 50% of FTSE 100 companies won’t exist in their current format