Financial services must embrace tech to survive

Author: John Crabb | Published: 26 Oct 2017

Existing financial services companies must adapt to technology and employ new processes if they are to remain competitive, and regulators must do their best to ensure there are no unnecessary stumbling blocks along the way. This was the message from industry leaders at the Securities Industry and Financial Markets Association’s annual meeting in Washington DC this week.

Fidelity Investments chairman and chief executive Abigail Johnson gave a keynote on how the firm is preparing for a digital future. "While having a strong brand is obviously an advantage, today it is not enough," she said. "In the future customers will, I believe, be loyal to a company that can provide an outstanding digital experience."

Working with the digital revolution is by all accounts imperative for the industry’s collective success, and Johnson suggested that artificial intelligence (AI), including machine learning, as...