How is the digital revolution reshaping finance?
Watch a full recording of the session ‘Digital Disruption of Finance’ from the World Economic Forum’s Annual Meeting of the New Champions using the video player below or following link. Highlights from this session, including key themes discussed, social media updates, video and pictures, can be viewed further down the page.
Highlights:
Background:
Industry disruption is one of the key themes of this year’s Annual Meeting of the New Champions. Ubiquitous connectivity, infinite data and machine intelligence are transforming industries and markets, from energy and healthcare to agriculture and finance.
The digital revolution has had – and will continue to have – a huge impact on the world of money. From the way we pay for goods and services and move money abroad to peer-to-peer lending and other enterprises acting as “banks”, changes are taking place at every level of the financial services industry.
According to research by Accenture, global investment in financial technology (or “fintech”) reached $12.2 billion in 2014, triple the $4 billion invested in 2013. New entrants to the market are engaging customers with their innovative models, while established players make huge investments in algorithms and other technology to capitalise on this new trend.
So, what does the future hold?
Author: Ross Chainey, Digital Media Specialist, World Economic Forum
Image: A payment is made on a mobile device during a PayPal demonstration at Terra Gallery in San Francisco, California May 21, 2015. REUTERS/Robert Galbraith
Don't miss any update on this topic
Create a free account and access your personalized content collection with our latest publications and analyses.
License and Republishing
World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.
The views expressed in this article are those of the author alone and not the World Economic Forum.
Forum Stories newsletter
Bringing you weekly curated insights and analysis on the global issues that matter.