8FEB - MAR 2025Is Death of the Financial Services Industry Impending?By Nigel Fenwick, VP & Principal Analyst, Forrester ResearchA couple of years ago I wrote a post predicting a new business paradigm for financial services. You may have read this post and been skeptical. Maybe you thought it wasn't realistic. If so, you may be wishing you were paying more attention very soon. Read on.This week I spoke on "The Experience Economy" at a client conference where attendees were primarily from the financial services industry. At the conference the opening keynote was by a renowned "futurist". Most futurists don't claim to predict the future, they extrapolate the trends they see around them today to help prepare you for what is likely to come. Interestingly, that's exactly what analysts at Forrester do every day. Perhaps that's why I feel "futurists" are over-hyped­I had expected more from the keynote.In side conversations with attendees I shared my own "futurist" thoughts on the impending death of the financial services industry. Indeed after chatting for a while, one attendee even suggested I should rename my speech "The Death of Financial Services" just to get people's attention. It seems many people in the industry haven't been paying enough attention to what's going on in technology.Let's begin with Google's AlphaGo AI. In March of 2016 Google's AI beat world Go champion, Lee Sidol. To understand the enormity of this you IN MYOPINION
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