There is still an increasing demand for financial services. This is driven by the fact that many organizations, particularly in Singapore, are opting to streamline processes that have been complicating administrative and operational activities.
One thing’s for sure, innovation will continue to impact the way FinTech companies deliver their products and services to their target audiences. On the other side of things, companies that specialize in B2B financial services will also see an increasing need to enhance their products as well as improve the way they build their brands and acquire more customers through lead generation and appointment setting.
In fact, Deloitte has found several developments in the financial services sector in 2018 that could influence the way financial services firms address crucial issues and concerns in the market.
There is a need for banks to address several challenges such as cyber threats, disruptive technological models, and saturation brought about by new players in the field.
Commercial real estate
As property values have gone up over the years, innovations in real estate selling and development will essentially drive the demands for the improved adoption of better business models against a volatile backdrop.
More focus will be put on asset management and operational streamlining. For sure, technology will play a key role in delivering better experiences for financial services clients.
The insurance industry remains robust, although technological disruptions, as well as newcomers to this arena, will pose as considerable challenges to the bottom lines of insurers.
These observations will no doubt impact the strong financial services markets across the globe, and Singapore, of course, is no exception. Home to at least 200 banks and recognized as a premier insurance and wealth management hub, Singapore will no doubt play a significant role beyond regional lines.
Indeed, the challenges to score higher in terms of global competitiveness are few, but it is still important for service providers, insurers, banking institutions and financial consulting firms to have their fill of present status of the financial markets in this progressive city-state at the heart of Asia.
The domination of cryptocurrencies
Despite cynical opinions, cryptocurrencies will continue to thrive this year and the next, and this is due to the high levels of trust that people place on products such as BitCoin.
But considering their uncertain nature, cryptocurrencies remain to be alternative investments that people should be more cautious of. We only know for sure that governments are looking towards regulating the ecosystem for BitCoin and other cryptocurrencies, and we could expect that these regulations would level the playing field in favor of systems outside the realms of blockchain technology.
Adoption of digital platforms
Globally, there is a prevailing trend which sees financial institutions utilizing digital platforms to drive engagements and change business modes altogether. In fact, digital platforms remain to be the dominant business model for financial organizations. The ease that they provide in enabling banks and financial institutions to engage their audiences will surely drive business growth and revenue.
As decision-makers depend more and more on social media in forging professional networks and exploring efficient business solutions, service providers will eventually see themselves spending more time and resources on LinkedIn as well as Facebook. Singaporean financial services firms will eventually realize the importance of maintaining a presence across these platforms.
The rise of automation and big data
Firms in Singapore will also see a need to enhance their operations through the use of scalable IT and software products.
In particular, these firms have made it their mission to adapt to automation software and cloud computing. Big data and complicated operational activities pose a significant challenge for companies to overcome. This is the reason why most of them are investing a bulk of their time and resources in setting up effective database management systems, business automation, and robotics. Repetitive tasks will be handled seamlessly, increasing the efficiency of Singaporean financial companies in the process.
Concentration on risk management
Volatile political situations will continue to change the business landscape and financial service providers will have to put more focus on strengthening their financial risk management products.
In Singapore, top companies will have to highlight the use of predictive analytics and AI to better improve their services and meet client demands for business continuity and security in the face of a highly uneasy business climate.