GreySpark predicts continued large-scale change for financial industry

A study conducted by GreySpark foresees turbulence on the fully digitised horizon towards which the financial industry has been sailing since the dawn of the 21st century, and predicts major overhauls will be needed if the sector's major players are to survive the transition. 

The eventual goal will be for banks and institutions to reliably produce and market a full range of financial products and services, in a process into which streamlined business models are fully integrated. 

The research also outlines how banks will need to take on board the best-practise protocols that have helped the automotive and aerospace manufacturing industries through times of intense government regulation. 

Moving forward, GreySpark has said that the future of banking will be built upon data managed as an asset, fully-automated production of financial products and services, and a multi-channel distribution franchise which upholds reliable and consistent user-experience for communications between banks and clients. 

The study maintains the new model of operation will send shockwaves through the industry, and banks' supply and value lines go beyond the usual parameters of the business to reach external suppliers, partners, shared utilities and market infrastructure. 

According to Saoirse Kennedy, the report's co-author at GreySpark, the operational workflow and ability of banks to re-evaluate and manage data will leverage the most disruption on the industry.

"In banks today, data exists as a series of inputs and outputs in systems defined by business processes that feed workflows, specifications and systems. The next generation of investment banks - digital investment banks - will see data as the foundation on which systems interact. Investment banking must move beyond basic recording and processing of data to allow for real value added that provides customers with more sophisticated services."