The report aims to examine the impact of innovation on the financial ecosystem and draws on interviews and workshops with hundreds of financial and technology experts.
It highlights cloud computing, customer-facing artificial intelligence and big data customer analytics as three capabilities that are becoming critical to the competitive differentiation of financial institutions.
WEF says all three are domains where technology giants like Amazon, Google and Facebook have far deeper experience than their financial services counterparts and where scale effects will make it difficult for financial institutions to catch up. As a result, many banks and insurers are turning to technology firms to provide these core functions, it adds.
This debate is a side bar to the Facebook libra fears.
Sandbox offers a few preliminary rules which open up the financial network to banker's applications. Risk adjustment, trading pit technology, rules for spectre compatibility, open ended ledger systems. It is a philosophy of auto-pricing which in turn provides supprt for insurance of various forms. It is layered, and presumes a bearer asset function at the trading pit level, comes with proofs on pit boss functions, integartes with secure ID.
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